THE WOODLANDS,
TX, April 5, 2013 /CNW/ -
Porto Energy Corp., ("Porto" or the "Company")
(TSXV:PEC), a company focused on oil and gas exploration, appraisal
and development in Portugal, today
announced its joint venture partners, Sorgenia International B.V.,
Netherlands ("Sorgenia"), and
Rohöl-Aufsuchungs Aktiengesellschaft, Austria ("RAG"), collectively (the "Farm-In
Parties") have chosen to not elect to proceed into the second phase
of the work program as defined under the terms of the original
Farm-Out Agreement dated, February 29,
2012. As a result, the Farm-In Parties' acreage
interest reverts back to Porto.
"A decision was made to discontinue the
negotiations and to allow the term to elect into phase two to
expire unexercised," said Joseph
Ash, President and CEO of Porto. "We are confident that this was the
right course of action for our shareholders over the longer-term
and we continue to aggressively market our extensive portfolio of
Portuguese assets, spanning both our onshore and offshore
holdings."
A formal farm-out process for the Company's
offshore concessions has been initiated and it anticipates
commencing a similar farm-out process for its unconventional
onshore Lias acreage within the next few weeks.
About Porto Energy Corp.
Porto Energy Corp. is an international oil and
gas company engaged in the exploration of crude oil and natural gas
in Portugal, including the
appraisal of a gas discovery. Through its wholly owned
subsidiary, Mohave Oil And Gas Corporation (a Texas corporation with branch offices in
Portugal), the Company holds
working interests in seven concessions in Portugal's Lusitanian Basin totaling 1.3
million net acres. Through its exploration efforts to date, the
Company has identified seven major exploration trends over its
concessions and generated more than 45 prospects and leads. Porto
Energy's shares trade on the TSX Venture Exchange under the ticker
symbol "PEC". For more information on Porto Energy visit www.portoenergy.com.
Cautionary Statements
This press release contains certain
forward-looking statements. These statements relate to future
events or the Company's future performance. All statements
other than statements of historical fact are forward-looking
statements. The use of any of the words "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project",
"should", "believe", "predict" and "potential" and similar
expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. No assurance can be given that these
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. These
forward-looking statements are made as of the date of this press
release and the Company does not undertake to update any
forward-looking statements that are contained in this press
release, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Porto Energy Corp.