Business
Porto Energy Corp. Reports Results for Second Quarter of Fiscal 2014
THE WOODLANDS, TX , April 29, 2014 /CNW/ - Porto Energy Corp., (" Porto " or the " Com...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\nTHE WOODLANDS, TX, April 29, 2014 /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, 2014. 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 month period ended and subsequent to February 28, 2014\n the Company:\n\n\n\nEntered into a non-binding term sheet with Integrity Growth Capital LLC\n on behalf of accredited investors, for a private placement of senior\n unsecured convertible promissory notes in the principal minimum amount\n of US$10.0 million and up to US$15.0 million. Porto is no longer\n pursuing the non-brokered private placement of Porto stock in Canada as\n was previously mentioned in its fiscal Q1 filings.  See \"$1.5 Million\n Non-brokered Private Placement\" below.\n\n\n\n\nReached agreement to terms under an arrangement with Norway-based\n TGS-NOPEC Geophysical Company ASA (OSLO: TGS) for the licensing and\n marketing of four sets of survey data including one 3D offshore survey\n spanning approximately 1,100 square kilometers, two 3D onshore surveys\n totaling 358 square kilometers, and one 24,000 square kilometer\n aeromagnetic survey which could bring in up to $1.5 million net to\n Porto.\n\n\n\n\n\n\n\"Given the Company has not yet received approval of the TGS-NOPEC\n seismic data sale from the Portuguese government, we are focusing our\n efforts on closing on the convertible promissory note as expeditiously\n as possible,\" said Joseph Ash, President and CEO of Porto Energy Corp.\n \"We continue to conserve capital in an effort to provide enough time to\n bring the convertible financing to a successful close.\"\n\n\nFinancial Review\n\n\nThree Months Ended February 28, 2014 compared with the Three Months\n Ended February 28, 2013\n\n\nRevenues\n\n\nRevenue during the three months ended February 28, 2014, was $2,141\n compared with $58 for the corresponding period ended February 28,\n 2013.  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 and as a result, its sources of r...