Porto's prospective resources at 636.9 mmboe in 2012

2013-01-31 18:27 ET - News Release


Mr. Heath Cleaver reports


Porto Energy Corp. has received an updated independent resource evaluation from Netherland, Sewell & Associates Inc. based in Dallas, Tex. This report was completed on each of the seven concessions in which the company maintains an interest. The updated report is dated Jan. 10, 2013, with an effective date of Dec. 31, 2012.

"We are pleased to announce that we have significantly increased our prospective resources in the Lower Jurassic Lias unconventional resource play as a result of the ongoing technical evaluation program with our joint venture partners," said Joseph Ash, president and chief executive officer of Porto Energy. "Despite reducing the prospective resources associated with the number of conventional Jurassic reef exploration targets, the reduction was more than offset by the increased geologic chance of success of finding hydrocarbon-bearing reservoirs in the Silves, which was confirmed by the ALC-1 well. Our ongoing joint venture initiatives will benefit from the updated report that augments the extensive technical analysis our team has performed to continually high-grade our exploration portfolio and narrow our focus to the Lias unconventional resource and Presalt conventional plays. In turn, this narrowed focus will help concentrate our farm-out efforts."