Business
Porto Energy Corp. Reports Results for Second Quarter of Fiscal 2013
THE WOODLANDS, TX, April 22, 2013 /CNW/ - Porto Energy Corp., (" Porto " or the " Company "...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\nTHE WOODLANDS, TX, April 22, 2013 /CNW/ - Porto Energy Corp., (\"Porto\" or the \"Company\") (TSXV: PEC), a company focused on oil and gas exploration, appraisal\n and development in Portugal, today announced its financial results for\n the three and six months ended February 28, 2013. All amounts are\n stated in US dollars unless otherwise noted by C$ for Canadian dollars\n or € for Euros.\n\n\nSelected Recent Highlights\n\n\nDuring the six months ended February 28, 2013 the Company:\n\n\nCompleted drilling of the ALC-1 well with Galp carrying Porto for 50% of\n the well costs. The well reached reached a total measured depth of\n approximately 3,000 meters and encountered a 300 metre gas column\n trapped below salt, but did not find sufficient reservoir sands to be a\n commercial success. The salt sealing mechanism was shown to be in place\n and the Presalt charge and migration was confirmed as the sands were\n found to be gas bearing.  Reservoir containment was also demonstrated\n since there was no breach.  All of which warrants the need for further\n exploration drilling.\n\n\n\"We continue to work to attract new joint venture partners for our\n onshore and offshore prospects,\" said Joseph Ash, President and CEO of\n Porto Energy Corp. \"Although we worked diligently to negotiate a plan\n to jointly advance the initiative, our former Lias joint venture\n partners unfortunately were unable to carry out their two well\n commitments within the time frame as outlined in the original farm-out\n agreement.  Regardless, we look at this as a great opportunity to\n attract new farm-in candidates given our material control of the\n prospective resources within the Lias.\"\n\n\nFinancial Review\n\n\nThree Months Ended February 28, 2013 compared with the Three Months\n Ended February 29, 2012\n\n\nRevenues\n\n\nRevenue during the three months ended February 28, 2013, was $58\n compared with $4,952 for the corresponding period ended February 29,\n 2012.  Revenue consists primarily of interest income from cash on\n hand.  The Company has not yet established commercial oil and gas\n production from its concessions. As a result, its sources of revenue\n are not of a recurring consistent nature.\n\n\nGeneral and Administrative Expense (\"G&A\")\n\n\nG&A expense decreased by $659,125 from $...