NEWS - increase resource
Porto Energy increases prospective resources by 12%
2012-03-29 17:37 ET - News Release
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Mr. Heath Cleaver reports
PORTO ENERGY CORP. ANNOUNCES UPDATED RESOURCE ESTIMATES
Porto Energy Corp. has received an updated independent resource evaluation from Netherland, Sewell & Associates Inc. of Dallas, Tex. This report was completed on each of the five concessions in which the Company maintains an interest. The Updated Report is dated March 23, 2012 with an effective date of March 31, 2012.
"We have increased our resource totals principally through the addition of our Lower Jurassic Lias resource play and the completion of 3D seismic work at Aljubarrota-3 and Torres Vedras-3 concessions, despite reducing resources associated with drilling results from the Aljubarrota (Alj-4) and Torres Vedras (SPC-1 and SPC-2) wells," said Joseph Ash, President and CEO of Porto. "This updated data will be supportive of our ongoing joint venture initiatives but does not yet reflect the results of additional seismic work done offshore and the 240 km2 3D seismic program shot over the Montejunto Anticline."
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