/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS/
THE WOODLANDS, TX, Sept. 23, 2011 /CNW/ - Porto Energy Corp., ("Porto" or the "Company") (TSXV - PEC), earlier today announced that its Board of Directors has
adopted a Shareholder Rights Plan (the "Rights Plan") designed to encourage the fair treatment of shareholders in
connection with any take-over offer for the Company. The Rights Plan
addresses the Company's concerns that existing Canadian legislation
does not allow sufficient time, if a take-over bid is made, for either
the Board of Directors or the shareholders to properly consider the
bid, or for the Board of Directors to seek alternatives to such a bid.
In that press release the Company stated that the TSX Venture Exchange
had conditionally accepted the Rights Plan. However, that statement
was incorrect. The TSX Venture Exchange has not yet conditionally accepted the Rights
Plan and, therefore, the Rights Plan is subject to TSX Venture Exchange
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 five concessions
in Portugal's Lusitanian Basin totaling 1,444,152 net acres or 5,844 km2. 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.
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