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Porto Energy to Raise Up to $1.5 Million in a Non-Brokered Private Placement of Units

THE WOODLANDS, TX, Nov. 12, 2013 /CNW/ – Porto Energy Corp., (“Porto” or the “Company”) (TSXV:PEC), today announced that further to the Company’s October 7, 2013 press release, it has launched a non-brokered private placement of up to 150 Units of the Company (the “Units”) at a price of CDN$10,000 per Unit (the “Offering Price”) to raise gross proceeds of up to CDN$1,500,000 on a reasonable commercial best efforts basis (the “Offering”).  Each Unit issued under the Offering will consist of one senior secured convertible debenture with a par value of CDN$10,000 (the “Debenture”) and one common share purchase warrant (the “Warrant”).  Each Warrant will entitle the holder to acquire up to 200,000 common shares of the Company (“Common Shares”) at a price of CDN$0.05 per Common Share for a period of up to 36 months from the closing date of the Offering.

The Debentures will be direct and senior obligations of the Company secured by the common shares of Company’s wholly-owned subsidiary Mohave Oil and Gas Corporation, which holds the Company’s interest in seven oil and gas concessions in Portugal and, effective May 31, 2013, USD$130 million in tax pools.  The Debentures will bear interest at a rate of 8.00% per annum, payable quarterly in arrears, and will mature on November 30, 2016 (the “Maturity Date”).

The Company, at its sole discretion, can elect to satisfy its interest commitments through payment in cash or, subject to regulatory approval, the issuance of Common Shares.  Subject to regulatory approval, Common Shares issued as payment for interest commitments will be issued at a price equal to the greater of CDN$0.05 per Common Share or a 10% discount to the market price of the Common Shares on the TSX Venture Exchange (“TSXV”).

The Debentures will be convertible at the holder’s option into Common Shares at any time prior to the close of business on the earlier of: (i) the business day immediately preceding the Maturity Date or (ii) if called for redemption, on the business day immediately preceding the date fixed for redemption, or (iii) if called for repurchase pursuant to a change of control, on the business day immediately preceding the payment date, at a conversion price of $0.05 per Common Share (the “Conversion Price”) during the first year of their term (subject to adjustment in certain circumstances) and, thereafter, at the greater of $0.10 per Common Share or the market price of the Common Shares on the TSXV. The Debentures will not be redeemable before November 30, 2014. On or after November 30, 2014 but prior to the Maturity Date, the Debentures will be redeemable at the Company’s option at par plus accrued and unpaid interest, provided that the volume weighted average trading price of the Common Shares on the TSXV during the 20 consecutive trading days, ending on the fifth trading day preceding the date on which notice of redemption is given, is not less than 200% of the Conversion Price.

Closing of the Offering is expected to occur on or about November 30, 2013, and may occur in one or more tranches. The Company has agreed to pay finders’ fees of up to 6% cash to qualified persons in accordance with TSXV policies and the requirements of applicable securities laws.  The Company will use the proceeds from the Offering for working capital and general corporate purposes.  The financing is subject to regulatory approval including the satisfaction of customary conditions of the TSXV.

Strategic Alternative Review Process

In addition to the Offering, and as detailed in the Company’s October 7, 2013 press release, the Company continues to fully evaluate a range of strategic alternatives available to it in order to preserve and maximize shareholder value. Porto will provide further updates on this process when the Board of Directors has approved a definitive transaction or strategic option, or as otherwise required by Porto’s continuous disclosure requirements. The Corporation cautions that there are no certainties that the strategic review process will result in any transaction or, if a transaction is undertaken, as to its terms or timing.

Porto’s common shares trade on the TSX Venture Exchange under the symbol PEC. Porto currently has 198,954,653 common shares outstanding.

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 1.6 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.

About Black Spruce Merchant Capital Corp.

Black Spruce is a private merchant banking firm focused on providing specialized financing and advisory services to the global energy industry. Our award-winning principals have a history of achieving success for clients based on high-level industry focus, strong industry relationships and innovative transaction skills. Offering advice in project, corporate and credit syndication; equity-linked financings; mergers and acquisitions; and strategic business development. For more information on Black Spruce visit: www.bsmc.ca

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.

For further information:Heath Cleaver – Chief Financial Officer

Phone: 1-713-975-1725

Black Spruce Merchant Capital Corp.

Sonny Mottahed – CEO and Managing Partner

Phone:  1.403.351.1779

Email:  info@bsmc.ca

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Porto Announces Review of Strategic Alternatives to Maximize Shareholder Value

THE WOODLANDS, TX, Oct. 7, 2013 /CNW/ – Porto Energy Corp., (“Porto” or the “Company”) (TSXV:PEC), today announced that that in light of its ongoing capital requirements necessary to advance its oil and gas exploration program in Portugal, it has formed a Special Committee of independent directors and initiated a strategic review process to identify, examine and consider a range of strategic alternatives available to Porto, with a view to preserving and maximizing shareholder value. This process could result in a sale of the Corporation, a private placement or public financing through the issuance of debt, equity or a combination of both, a sale of a material portion of the Corporation’s assets, a merger, business combination or a corporate reorganization, among other alternatives. The Special Committee has retained Black Spruce Merchant Capital Corp. as its financial advisor to assist in the strategic review process.

Corporate Highlights

Porto currently has a working capital balance of approximately $1.3 million and a Portuguese income tax pool of approximately $130.0 million at May 31, 2013. Included in these tax pools are non-capital losses available to carry forward to future years of approximately $37.3 million.

The Company’s independent resource evaluation (the “Report”) performed by Dallas, Texas-based Netherland, Sewell & Associates, Inc. (“NSAI”) effective December 31, 2012 and dated January 10, 2013, assigned a P50 risked recoverable Contingent Resources associated with the Company’s Jurassic reef and other exploration prospects of approximately 44 mmboe and a P50 risked recoverable Prospective Resource mainly attributable to the Company’s Lias Resource and Presalt Conventional prospects of approximately 637 mmboe (535 mmboe on a net working interest basis).

As stated in the Company’s January 31, 2013 press release, work to characterize the Jurassic Lias resource play included finalized aeromagnetic data over the blocks, the drilling and analysis of 23 shallow wells and the development of a Lias deposition model that greatly increased the Company’s understanding of the Lias marls in the central and northern blocks. This work underpinned the Report by NSAI and points to a very prospective unconventional resource play that merits additional technical evaluation.

Review Process

Porto does not intend to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a definitive transaction or strategic option, or unless otherwise required by law or disclosure of which is deemed appropriate. The Corporation cautions that there are no guarantees that the strategic review will result in a transaction or if a transaction is undertaken, as to its terms or timing.

Porto’s common shares trade on the TSX Venture Exchange under the symbol PEC. Porto currently has 198,954,653 common shares outstanding.

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 1.6 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.

About Black Spruce Merchant Capital Corp.

Black Spruce is a private merchant banking firm focused on providing specialized financing and advisory services to the global energy industry. Our award-winning principals have a history of achieving success for clients based on high-level industry focus, strong industry relationships and innovative transaction skills. Offering advice in project, corporate and credit syndication; equity-linked financings; mergers and acquisitions; and strategic business development. For more information on Black Spruce visit: www.bsmc.ca

Cautionary Statements

No proved, probable or possible reserves have been assigned by the Company at this time. Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. There is no certainty that it will be commercially viable to produce any portion of the resources.

Estimates with respect to resources that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and upon analogy to similar types of resources, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same resources based upon production history will result in variations, which may be material, in the estimated resources. Resource estimates may require revision based on actual production experience.

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable because of one or more contingencies. The contingent resources shown are contingent upon demonstration of the economic viability of the projects. Commercial flow rate testing and documentation of development plans will provide further evidence of economic viability of these projects. If these contingencies are resolved, some portion of the contingent resources estimated may be reclassified as reserves. There is no certainty that it will be commercially viable to produce any portion of the contingent resources.

Low Estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. Using probabilistic methods, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Using probabilistic methods, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High Estimate is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. Using probabilistic methods, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Barrels of oil equivalent (BOEs) include oil, solution gas, associated gas and condensate. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl has been used and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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.
For further information:

Heath Cleaver – Chief Financial Officer
Phone: 1-713-975-1725

Black Spruce Merchant Capital Corp.
Sonny Mottahed – Managing Partner
or
Jeff Barber – Managing Partner
Phone: 1.403.351.1779
Email: info@bsmc.ca

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Porto Energy Engages Black Spruce Merchant Capital to provide Financial Advisory Services

THE WOODLANDS, TX, Aug. 24, 2012 /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 the engagement of Black Spruce Merchant Capital Corporation (“BSMC”) to provide financial advisory services with respect to project and corporate, business combinations as well as equity and debt financings as part of the ongoing development on Porto’s seven concessions in Portugal’s Lusitanian Basin.

Porto is currently actively advancing two of its projects in Portugal.  First, on June 29, 2012Porto through its wholly owned subsidiary, announced a definitive farmout with Petróleos de Portugal – Petrogal (“Galp”) whereby Galp will pay the Company approximately US$7.8 million to earn 50% of the Company’s rights in the Aljuabarrota-3 concession, comprising approximately 300,000 acres, onshore Portugal.  Under the terms of the agreement, the Company intends to drill a Presalt well with a target depth of approximately 3,000 meters.  Drilling is expected to commence in late August, 2012 and take approximately 45-55 days to complete.  This well has a NI51-101 estimate of 588 BCF P50 gross unrisked resources (294 BCF net P50 unrisked resources).  Second, on March 1, 2012, Porto announced a definitive agreement with Sorgenia International B.V., Netherlands (“Sorgenia”), and Rohöl-Aufsuchungs Aktiengesellschaft, Austria (“RAG”), (together the (“Farm-in Partners”), to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias) stratigraphic interval within Porto’s concessions in Portugal. Porto retains operatorship of the Company’s concessions and the joint venture. With the additions of the two new concessions in May 2012, Zambujal and Peniche, the area to be jointly evaluated is approximately 690,000 acres.  The Lias stratigraphic interval is being pursued as an unconventional resource throughout Europe. Second phase activities, for which Porto will be carried for until phase 3, include the drilling of two deep wells and additional geochemical and geophysical analysis. The costs associated with the two wells will be shared equally between the Farm-in Partners capped at a gross cost of US$10.0 million, net of mobilization and demobilization costs.  Phase 1 of this joint venture is currently underway with the drilling of 19 wells (9 core wells) of which 11 wells have been drilled and logged to date both inside and outside the AMI to determine the outer extent of the Lias interval over the Lusitanian Basin.  The focus of the first phase, which must be completed by December 31, 2012, is on developing a comprehensive geophysical and geochemical analysis of the Lias interval.

Porto continues to pursue interests in its other concessions, most notably its offshore acreage for which the Company has shot and interpreted approximately 1,100 km(2) of seismic data.  Using this data, the Company has mapped approximately 3 – 4 prospective opportunities.

Upon the engagement of BSMC, the Company issued to BSMC 1,000,000 options exercisable at a price of $0.11 per common share for three years to vest one-third every six months from the date of the engagement. In addition, BSMC will be paid a monthly work fee during the term of the engagement, milestone fees in certain circumstances and a financing success fee on the closing of any debt or equity financing provided to Porto.

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 approximately 1.9 million net acres. Through its exploration efforts to date, the Company has identified seven major exploration trends over its concessions including unconventional oil and gas resource plays as well as conventional oil and gas targets. 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.

About Black Spruce Merchant Capital

Black Spruce is a private independent merchant banking company focused on providing executive level and unbiased financial advisory services to the global oil and gas industry. Black Spruce’s award winning principals have a history of achieving success for clients based high-level industry focus, strong industry relationships and innovative transaction skills. Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development.

Cautionary Statements

No proved, probable or possible reserves have been assigned by the Company at this time. Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. There is no certainty that it will be commercially viable to produce any portion of the resources.

Estimates with respect to resources that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and upon analogy to similar types of resources, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same resources based upon production history will result in variations, which may be material, in the estimated resources. Resource estimates may require revision based on actual production experience.

Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.

Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Using probabilistic methods, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

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.

Porto Energy Corp. Heath Cleaver – Chief Financial Officer Phone: 1-713-975-1725

Black Spruce Merchant Capital Corp. Sonny Mottahed – CEO Phone: 1-403-351-1779 Email: sonny@bsmc.ca

SOURCE: Porto Energy Corp.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2012/24/c9295.html

CO: Porto Energy Corp. ST: Texas NI: NP

-0- Aug/23/2012 21:45 GMT

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Porto Energy Engages Black Spruce Merchant Capital to provide Financial Advisory Services

THE WOODLANDS, TX, August 24, 2012 – Porto Energy Corp., (“Porto” or the “Company”) (TSXV:PEC), a company focused on oil and gas exploration, appraisal and development in Portugal, today announced the engagement of Black Spruce Merchant Capital Corporation (“BSMC”) to provide financial advisory services with respect to project and corporate, business combinations as well as equity and debt financings as part of the ongoing development on Porto’s seven concessions in Portugal’s Lusitanian Basin.

Porto is currently actively advancing two of its projects in Portugal. First, on June 29, 2012 Porto through its wholly owned subsidiary, announced a definitive farmout with Petróleos de Portugal – Petrogal (“Galp”) whereby Galp will pay the Company approximately US$7.8 million to earn 50% of the Company’s rights in the Aljuabarrota-3 concession, comprising approximately 300,000 acres, onshore Portugal. Under the terms of the agreement, the Company intends to drill a Presalt well with a target depth of approximately 3,000 meters. Drilling is expected to commence in late August, 2012 and take approximately 45-55 days to complete. This well has a NI51-101 estimate of 588 BCF P50 gross unrisked resources (294 BCF net P50 unrisked resources). Second, on March 1, 2012, Porto announced a definitive agreement with Sorgenia International B.V., Netherlands (“Sorgenia”), and Rohöl-Aufsuchungs Aktiengesellschaft, Austria (“RAG”), (together the (“Farm-in Partners”), to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias) stratigraphic interval within Porto’s concessions in Portugal. Porto retains operatorship of the Company’s concessions and the joint venture. With the additions of the two new concessions in May 2012, Zambujal and Peniche, the area to be jointly evaluated is approximately 690,000 acres. The Lias stratigraphic interval is being pursued as an unconventional resource throughout Europe. Second phase activities, for which Porto will be carried for until phase 3, include the drilling of two deep wells and additional geochemical and geophysical analysis. The costs associated with the two wells will be shared equally between the Farm-in Partners capped at a gross cost of US$10.0 million, net of mobilization and demobilization costs. Phase 1 of this joint venture is currently underway with the drilling of 19 wells (9 core wells) of which 11 wells have been drilled and logged to date both inside and outside the AMI to determine the outer extent of the Lias interval over the Lusitanian Basin. The focus of the first phase, which must be completed by December 31, 2012, is on developing a comprehensive geophysical and geochemical analysis of the Lias interval.

Porto continues to pursue interests in its other concessions, most notably its offshore acreage for which the Company has shot and interpreted approximately 1,100 km2 of seismic data. Using this data, the Company has mapped approximately 3 – 4 prospective opportunities.

Upon the engagement of BSMC, the Company issued to BSMC 1,000,000 options exercisable at a price of $0.11 per common share for three years to vest one third every six months from the date of the engagement. In addition, BSMC will be paid a monthly work fee during the term of the engagement, milestone fees in certain circumstances and a financing success fee on the closing of any debt or equity financing provided to Porto.

 

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 approximately 1.9 million net acres. Through its exploration efforts to date, the Company has identified seven major exploration trends over its concessions including unconventional oil and gas resource plays as well as conventional oil and gas targets. 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.

 

About Black Spruce Merchant Capital

Black Spruce is a private independent merchant banking company focused on providing executive level and unbiased financial advisory services to the global oil and gas industry. Black Spruce’s award winning principals have a history of achieving success for clients based high-level industry focus, strong industry relationships and innovative transaction skills. Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development.

 

Cautionary Statements

No proved, probable or possible reserves have been assigned by the Company at this time. Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. There is no certainty that it will be commercially viable to produce any portion of the resources.

Estimates with respect to resources that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and upon analogy to similar types of resources, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same resources based upon production history will result in variations, which may be material, in the estimated resources. Resource estimates may require revision based on actual production experience.

Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.

Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Using probabilistic methods, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

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.

For further information:

Porto Energy Corp.
Heath Cleaver – Chief Financial Officer
Phone: 1-713-975-1725

Black Spruce Merchant Capital Corp.
Sonny Mottahed – CEO
Phone: 1-403-351-1779
Email: sonny@bsmc.ca

SOURCE: Porto Energy Corp.

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