UPDATE: Porto Energy Enters Into Farmout Agreement with GALP; Shares Extend Rally, Now up 57.1%

By Midnight Trader,  June 29, 2012, 03:20:44 PM EDT

Oil and gas exploration company Porto Energy Corp. (PEC.V) today announced a definitive farmout agreement through its wholly-owned subsidiary Mohave Oil and Gas Corporation, with Petroleos de Portugal - Petrogal or Galp.

Galp will pay Porto approximately US$7.8 million to earn 50% of Porto's rights in the Aljuabarrota-3 concession, comprising approximately 300,000 acres, onshore Portugal.

Closing of the agreement is subject to customary conditions including the receipt of all regulatory and government approvals.

Shares are continuing to rise late in the trading session, with the stock now at an intraday high of 11 cents, up 4 cents, or 57.1%.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

Sexual Assault Scandals Rock Military as House Panel Acts
Sexual Assault Scandals Rock Milita...
Shock Over London Killing
Shock Over London Killing           


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.31 0.13  0.97%
PFE $ 29.30 0.52  1.81%
GE $ 23.86 0.20  0.85%
F $ 14.97 0.02  0.13%
MSFT $ 34.61 0.24  0.69%
QQQ $ 73.65 0.62  0.83%
MU $ 10.92 0.31  2.76%
INTC $ 24.07 0.08  0.33%