Galileo Petroleum announces the Company's plan to undertake a shares for debt settlement arrangement to retire indebtedness in the aggregate amount of $295,654 to certain creditors, which include directors and executive officers of the Company, by issuing a total of 5,913,080 common shares of the Company at an issue price of $0.05 per share on or before June 30th, 2014. The Shares for Debt Settlement is subject to the [...]
Galileo Petroleum announces that Mr. John MacRae has resigned from the Board of Directors and will join Galileo's Oil and Gas Advisory Board. Mr. MacRae, M.Sc., B.Sc., P.Geol., is an accomplished petroleum geologist (University of Alberta 1970) with over 40 years of experience evaluating the geology and undiscovered petroleum and natural gas potential of the Western Canadian Sedimentary Basin, as well as all British [...]
Portal Resources announces that further to the Company's news release of March 28, 2012, the TSX Venture Exchange has approved the Company's share consolidation on the basis of five (5) pre-consolidation common shares for one (1) post-consolidation common share of the Company and the Company's proposed name change. Effective as of the opening of markets on Monday, April 2, the Company will commence trading on the TSX-V on [...]
Portal is pleased to announce that at the special meeting of the Company's shareholders held on March 23, 2012, the shareholders approved a proposed five (5) for one (1) consolidation of the Company's issued and outstanding common shares and an amendment to the company's authorized share capital to eliminate the maximum number of shares that the company is authorized to issue so that the Company is authorized to issue an [...]
Portal is pleased to announce that Mr. John Kanderka has joined the Company's Board of Directors. Mr. Kanderka has more than 35 years of experience as a landman in the oil and gas industry and currently consults for a variety of exploration, production and pipeline companies with operations in Western Canada and the United States. Mr. Kanderka served on Portal's Oil and Gas Advisory Board for the last year.
Portal announces that the Company will be seeking shareholder approval to consolidate the Company's common shares on the basis of one (1) post-consolidation Common Share for every five (5) pre-consolidation Common Shares or at such lower consolidation ratio as may be required by the TSX Venture Exchange. The Company will also be seeking shareholder approval to amend the Company's authorized share capital by eliminating [...]
Portal Resources Ltd. is pleased to announce that, further to its news release of December 20, 2011, it completed today the acquisition of the oil and gas production assets in west central Saskatchewan for a total purchase price of $8.3 million. The purchase consideration was paid all in cash (and no shares of Portal as previously contemplated).
Portal is pleased to announce the financing structure for its proposed $8.3 million acquisition of oil and natural gas production, reserves and associated assets in West Central Saskatchewan. To complete the acquisition the Company will raise $9 million with a combination of the following: 1) $2.5 million in senior bank debt for the purchase with a $1.5 million development line of credit; 2) up
Portal Resources Ltd. is pleased to announce that the terms of the Company's proposed acquisition of oil and gas production assets in West Central Saskatchewan have been amended. Changes to the Purchase and Sale Agreement consist of the following: i) the purchase price will now be $8.3 million (previously $9.1 million); ii) the seller will be issued $300,000 of common shares of the Company at $0.11 per share as a portion [...]
Portal is pleased to announce that Mr. Brent Marzolf CA, CPA has joined the Company's Oil and Gas Advisory Board. Mr. Marzolf received a Bachelor of Commerce degree from the University of Saskatchewan in 1982, a Chartered Accountant designation in 1986, a Certified Public Accountant designation in 1996, and has 30 years of oil and gas industry experience.
Portal Resources Ltd. is pleased to announce that it has signed a Purchase and Sale Agreement for the acquisition of production and assets from an intermediate NYSE listed oil producer for $9.1 million. The assets are located in West Central Saskatchewan and produced 365 boe/day during the month of August. The effective date of the transaction is August 1, 2011.
Portal Resources is pleased to announce that it has drilled and cased its third horizontal well in the Birdbear zone on its Salt Lake Project in West Central Saskatchewan. The well was drilled to a total depth of 1,225 metres, resulting in a horizontal leg of 289 metres. Good reservoir and oil staining were observed throughout the section. Completion and equipping operations are being scheduled.