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THE WOODLANDS, TX, March 14, 2012 /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 that it has filed an application with the TSX Venture Exchange (the "Exchange") to extend the expiry date of 9,275,000 outstanding warrants issued as part of the amalgamation involving the Company and Mohave Exploration and Production Inc. ("Tranche 1"), 1,985,000 outstanding warrants issued in connection with the non-brokered private placement of the Company completed on February 26, 2010 ("Tranche 2") and 5,805,000 outstanding warrants issued in connection with the non-brokered private placement of the Company completed on April 21, 2010 ("Tranche 3"). The Company has applied to extend the current expiry date of each warrant tranche from March 28, 2012 to March 28, 2013. Each whole warrant is exercisable to purchase one common share at an exercise price of $0.50 per share for Tranche 1 and an exercise price of $1.00 per share for each of Tranche 2 and Tranche 3. No other terms of the warrants will be amended and none of the warrants are held by insiders. The extension of the warrant expiry dates is subject to acceptance by the 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.
For further information:
Heath Cleaver - Chief Financial Officer
Email: [email protected]