Porto Energy Corp. reports results for first quarter of fiscal 2013

Wednesday, Jan 30, 2013

THE WOODLANDS, TX, Jan. 29, 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 financial results for the quarter ended November 30, 2012. All amounts are stated in US dollars unless otherwise noted by C$ for Canadian dollars or EUR for Euros.

"We continue to work through negotiations with our joint venture partners with respect to next steps in the exploration of the Lias and Presalt plays," said Joseph Ash, President and CEO of Porto Energy Corp. "In the near-term we are focusing on the Lias play and continue to analyze data from the expanded 23-hole stratigraphic drilling program and expect to formulate a go-forward plan in conjunction with our partners in the coming months."

Revenues

Revenue during the three months ended November 30, 2012, was $410 compared with $9,229 for the corresponding period ended November 30, 2011.  Revenue consists primarily of interest income from cash on hand.  The Company has not yet established commercial oil and gas production from its Concessions, as a result its sources of revenue are not of a recurring consistent nature.

Source: Porto Energy Corp.

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