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porto energy corp (PEC) Snapshot

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52 Week High
09/5/13 - C$0.04
52 Week Low
01/29/14 - C$0.0050
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Average Volume 10 Days
0.0
EPS TTM
C$-0.01
Shares Outstanding
199.0M
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Current Stock Chart for PORTO ENERGY CORP (PEC)

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porto energy corp (PEC) Details

Porto Energy Corp., a development stage company, explores for crude oil and natural gas in Portugal. It holds a 100% working interests in seven concessions, including Aljubarrota-3, Torres Vedras-3, Sao Pedro de Muel-2, Cabo Mondego-2, Rio Maior-2, Zambujal, and Peniche covering an area of approximately 1.6 million net acres in Lusitanian Basin of Portugal. The company was founded in 1993 and is headquartered in The Woodlands, Texas.

10 Employees
Last Reported Date: 11/27/13
Founded in 1993

porto energy corp (PEC) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $275.0K
Chief Financial Officer
Total Annual Compensation: $200.0K
Executive Vice President, Director, Member of...
Total Annual Compensation: $175.0K
Compensation as of Fiscal Year 2012.

porto energy corp (PEC) Key Developments

Porto Energy Corp. Anticipates Suspension Of Trading Of Common Shares By TSXV

Porto Energy Corp. announced it will wind-down the operations of its subsidiary, Mohave Oil and Gas Corporation. As a result, Mohave will be surrendering its concession acreage in Portugal. In addition, the board of directors of Porto intends to resign as of the close of business on May 30, 2014, at which time it is anticipated that trading in the common shares of Porto will be suspended by the TSXV, with the eventual delisting of the company from the TSXV in due course. The company has been unable to attract investment interest in its concession assets in Portugal. The company believes this is largely due to the lack of oil or gas production in Portugal. As a result of its inability to procure the associated funding, there has been extreme working capital pressure over the past eighteen months. During the past six months, the company has been in negotiations with two investment candidates: one interested in farming-in and the other interested in purchasing a significant interest in the subsidiary of the company, Mohave. The company and the potential farm-in candidate were unable to reach agreeable terms and discussions were terminated at the beginning of May Discussions with the other party interested in purchasing a significant interest in Mohave were not successful as that party was not able to secure the necessary funding. Those discussions could not be continued given the company's current working capital position.

Porto Energy Corp. Announces Portuguese Government Approval for Seismic Data Sales Agreement with TGS-NOPEC Geophysical Company ASA

Porto Energy Corp. announced the Portuguese government approved the seismic data sales agreement between the Company and TGS-NOPEC Geophysical Company ASA (TGS). As previously disclosed in its fiscal second quarter Management Discussion and Analysis (MD&A) filed on April 29, 2014, the Company agreed to terms with TGS for the licensing and marketing of four sets of survey data including one 3D offshore survey spanning 1,099 square kilometers, two 3D onshore surveys totaling 358 square kilometers (excluding 160 square kilometers of Aljubarrota 3D seismic data as it is jointly owned by the Company and its joint venture partner, Petróleos de Portugal - Petrogal, S.A. (Galp)), and one 24,000 square kilometer aeromagnetic survey. Approval of the agreement is not guaranteed to bring in immediate funding. However, in obtaining government approval, TGS can now begin to market the Company's seismic data to interested parties. If a sale is consummated, Porto expects to receive the proceeds, less any fees, from TGS within 30 days of that sale according to the sales agreement.

Porto Energy Corp. Announces Financial Results for the Three and Six Months Ended February 28, 2014

Porto Energy Corp. announced financial results for the three and six months ended February 28, 2014. Revenue during the three months ended February 28, 2014, was $2,141 compared with $58 for the corresponding period ended February 28, 2013. Revenue consists primarily of interest income from cash on hand. The company recorded net losses before income taxes for the three months ended February 28, 2014 of $491,956, compared with $887,879 for the comparative period in 2013. As the Company is in the exploration phase of operations, there are currently no oil and natural gas producing properties generating revenues. Revenue during the six months ended February 28, 2014, was $2,166 compared with $468 for the corresponding period ended February 28, 2013. Revenue consists primarily of interest income from cash on hand. The company recorded net losses before income taxes for the six months ended February 28, 2014 of $1,671,820, compared with $22,809,038 for the comparative period in 2013. As the Company is in the exploration phase of operations, there are currently no oil and natural gas producing properties generating revenues.

 

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