Porto Energy Corp. announced consolidated financial results for the second quarter and six months ended February 28, 2013. For the quarter, revenue was $58 compared with $4,952 for the corresponding period ended February 29, 2012. The company recorded net losses of $887,879, compared with $25,770,833 for the comparative period in 2012. As the company is in the exploration phase of operations, there are currently no oil and natural gas producing properties generating revenues. Net loss before income tax was $887,879 against $25,770,833 a year ago. Net operating loss carry forwards as of February 28, 2013 was approximately $28,600,000. For the six months, the company reported revenue of $468 compared with $14,181 for the corresponding period ended February 29, 2012. 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. The company recorded net losses of $22,809,038, compared with $27,049,169 for the comparative period in 2012. As the company is in the exploration phase of operations, there are currently no oil and natural gas producing properties generating revenues. The net losses for the 2013 and 2012 periods were primarily due to the impairment of exploration and evaluation assets. The company's net losses for these periods were additionally impacted by general and administrative expenses including salaries, office costs and travel costs in addition to professional fees and share-based payments. Net loss before income tax was $22,809,038 against $27,049,169 a year ago. Net operating loss carry forwards as of February 28, 2013 were approximately $28,600,000. During the six months ended February 28, 2013 the company completed drilling of the ALC-1 well with Galp carrying Porto for 50% of the well costs. The well reached reached a total measured depth of approximately 3,000 meters and encountered a 300 metre gas column trapped below salt, but did not find sufficient reservoir sands to be a commercial success. The salt sealing mechanism was shown to be in place and the Presalt charge and migration was confirmed as the sands were found to be gas bearing. Reservoir containment was also demonstrated since there was no breach. All of which warrants the need for further exploration drilling.

Porto Energy Corp., Annual General Meeting, Apr 22, 2013., at 10:00 US Mountain Standard Time. Location: R.G. Black Boardroom at the offices of McCarthy Tétrault LLP. Agenda: to receive the financial statements for the financial year ended August 31, 2012 and the report of the auditors thereon; to fix the number of directors to be elected at seven; to elect directors for the ensuing year; to appoint the auditors of the Corporation to hold office until the next annual meeting of the Shareholders and authorize the directors to fix their remuneration; to consider and, if thought appropriate, pass an ordinary resolution, as more particularly set forth in the management information circular accompanying this Notice, approving the Corporation's stock option plan; and to transact such other business as may properly come before the meeting or any adjournments thereof.

Porto Energy Corp. announced that it has received an updated independent resource evaluation (the "Updated Report") from Dallas, Texas-based Netherland, Sewell & Associates Inc. ("NSAI"). This report was completed on each of the seven concessions in which the Company maintains an interest. The Updated Report is dated January 10, 2013 with an effective date of December 31, 2012. Despite reducing the prospective resources associated with the number of conventional Jurassic reef exploration targets, the reduction was more than offset by the increased the geologic chance of success of finding hydrocarbon-bearing reservoirs in the Silves which was confirmed by the ALC-1 well. Ongoing joint venture initiatives will benefit from the Updated Report that augments the extensive technical analysis its team has performed to continually high-grade its exploration portfolio and narrow its focus to the Lias unconventional resource and Presalt conventional plays. In turn, this narrowed focus will help concentrate its farm-out efforts. Phase I work to characterize the Jurassic Lias resource play included finalized aeromagnetic data over the blocks, the drilling and analysis of 23 shallow wells and the development of a Lias deposition model that greatly increased the Company's understanding of the Lias marls in the central and northern blocks. This work underpinned the Updated Report by NSAI and points to a very prospective unconventional resource play that merits additional technical evaluation. The Alcoba a #1 ("ALC-1") Presalt exploration well in the Aljubarrota-3 concession, onshore Portugal (as announced November 1, 2012) helped to confirm gas-bearing reservoirs, despite being a sub-commercial gas discovery. In turn, this well has significantly de-risked other Presalt prospects due to a confirmation of source rock, reservoir-bearing sands and trapping mechanism in the Silves interval. Comparing the Updated Report to the original NSAI report dated August 31, 2012, P50 risked recoverable contingent resources remained relatively unchanged. Resources associated with the company's Jurassic reef and other exploration prospects P50 risked resources decreased by approximately 97.3 mmboe, however, this was offset by an increase in the Lias potential of approximately 271.4 mmboe and the Presalt Silves reservoir potential of approximately 23.9 mmboe of P50 risked prospective resources. Compared to the original NSAI report, P50 net risked recoverable prospective resources increased 198 mmboe, or 45%, from 439 mmboe to 637 mmboe. In total, the Updated Report has a combined (contingent plus prospective) resource base comprised of 47% oil and 53% natural gas.