Business
Porto Energy Corp. Reports Results for Third Quarter of Fiscal 2013
THE WOODLANDS, TX, July 30, 2013 /CNW/ - Porto Energy Corp., (" Porto " or the " Comp...
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\nTHE WOODLANDS, TX, July 30, 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 nine months ended May 31, 2013. All amounts are stated in\n US dollars unless otherwise noted by C$ for Canadian dollars or € for\n Euros.\n\n\nSelected Recent Highlights\n\n\nThe Company recently announced the following:\n\n\nSuccessfully negotiated the terms of its 2013 work program with the\n Portuguese government marking the successful conclusion of its 2012\n work program;\n\nCompleted drilling of the ALC-1 well with Petróleos de Portugal -\n Petrogal (\"Galp\") carrying Porto for 50% of the well costs. The well\n reached a total measured depth of approximately 3,000 meters and\n encountered a 300 metre gas column trapped below salt, but did not find\n sufficient reservoir sands to be a commercial success. The salt sealing\n mechanism was shown to be in place and the Presalt charge and migration\n was confirmed as the sands were found to be gas bearing.  Reservoir\n containment was also demonstrated since there was no breach.  All of\n which warrants the need for further exploration drilling; and\n\nSubsequent to quarter end, Galp exercised its option to become the\n operator of the Aljubarrota-3 concession, pursuant to the terms of the\n definitive farmout agreement signed by the two companies in June 2012.\n\n\n\"Transitioning the operatorship of the Aljubarrota-3 concession to Galp\n has improved our working capital position and will help us advance our\n 2013 work program.\" said Joseph Ash, President and CEO of Porto Energy\n Corp.\n\n\nFinancial ReviewThree Months Ended May 31, 2013 Compared with the Three Months Ended May\n 31, 2012\n\n\nRevenues \n\n\nRevenue during the three months ended May 31, 2013 was $6,545 compared\n with $1,604 for the corresponding period ended May 31, 2012.  Revenue\n consists primarily of interest income from cash on hand.  The Company\n has not yet established commercial oil and gas production from its\n Concessions. As a result, its sources of revenue are not of a recurring\n consistent nature.\n\n\nGeneral and Administrative Expense (\"G&A\")\n\n\nG&A expense decreased by $250,935 from $1,050,042 ...