Porto Energy Receives Government Approvals

Porto Energy Corp., has received approval from the Portuguese oil and gas authority, Divisão para a Pesquisa e Exploração de Petróleo (“DPEP”), of its Development and Production Plan (the “Plan”) for the Company’s concessions onshore Portugal.

The approval of the Plan covers the Company’s entire onshore acreage in Portugal of approximately 1,539,334 acres for a period of five years. During this upcoming five year term, Porto will be executing a work program focused on commercializing the Lias resource play in one or more areas within its concessions. At the end of five years, a secondary production evaluation will be performed at which time the concessions may be converted into a 25 year production lease. The approval of this Plan ensures that the Company is able to progress towards a timely and organized investment schedule.

“Our relationship with the Portuguese Government remains strong,” said Joseph Ash, President and CEO of Porto. “Their approval of Porto’s Plan evidences their commitment to developing their oil and gas industry and we are very pleased to be working in partnership with them towards that end.”