Sorgenia, RAG to Join Porto Energy Corp. in Portugal Unconventional Play

Porto Energy Corp., has entered into a Memorandum of Understanding with Sorgenia International B.V., Netherlands and Rohöl-Aufsuchungs Aktiengesellschaft, Austria to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias) stratigraphic interval within Porto's concessions in Portugal. 

Execution of a joint venture agreement between the parties is expected before year-end.  The area to be jointly evaluated is approximately 450,000 acres.  The Lias stratigraphic interval is being pursued as an unconventional resource throughout Europe.

"We are very excited with the opportunity to partner with Sorgenia/RAG in evaluating the tight oil potential of the Lower Jurassic in our concessions.  A key element of Porto's strategy is our Joint Venture effort and I could not be more pleased with the progress we have made thus far.  We see significant upside potential in the Lower Jurassic and look forward to finalizing the Joint Venture agreement so that we can get to work de-risking resources that are not yet a part of our resource inventory," said Joseph Ash, President and CEO of Porto Energy.