Peak Discovery Capital Ltd V.PEC

Porto - Mohave connection

[mdjbrown]

If you google MEPI - Porto you will find the answer to the mystery of how these companies merged

 

GLTA

 

 

Porto Energy Corp., a privately-held oil & gas company, signed an agreement to merge with Mohave Exploration & Production Inc. (MEPI) and assumed control of a post-merger 97.5-100% interest in six concessions totaling over 1.4 million acres of primarily onshore oil and gas rights in Portugal. Prospective for both oil and gas, a Sed-Strat Geological Consultants Inc. report dated December 2007 gives the Porto-MEPI concessions a contingent resource of 37.4 million BOE (2P). To date greater than $50 million has been spent on the concessions. Surrounding concessions are currently slated for over US $500 million of major company (Repsol, PetroBras, etc.) development expenditures. Porto has completed an initial US $3.9 million private placement seed financing, and has designated the proceeds to restructure MEPI and complete an initial public offering later in 2010. The IPO will provide Porto sufficient capital going forward to further evaluate and commence development of the two confirmed discoveries on its massive concessions in Portugal