Portal Resources is pleased to announce that the Company has been assigned its first oil and natural gas reserves after successfully completing a five-well program in West Central Saskatchewan. In the second quarter of 2011, the Company participated in the drilling of three wells and the re-completion of two wells at its Salt Lake (Birdbear) heavy oil project near Macklin, Saskatchewan. Based on the initial wells, Fekete [...]
Portal Resources is pleased to announce the hiring of Bryan Mills Iradesso, an integrated communications firm, to provide Portal with investor relations services. David Hottman, Portal's President & CEO, said he selected Bryan Mills Iradesso because of the firm's knowledge of the energy industry and experience working with junior, intermediate and senior oil and gas companies.
Portal Resources is pleased to announce that it has established oil production through a five-well drilling program targeting the Birdbear formation at its Salt Lake Project in West Central Saskatchewan. Planning for additional wells is now underway.
Portal Resources is pleased to announce that the Phase I development program at the Salt Lake Birdbear project has advanced ahead of schedule and on budget. The project covers six sections of land (3,200 acres) located near the town of Macklin in West central Saskatchewan. Four of the five wells in the Phase I program (two horizontal wells, one vertical well and one re-entry) have been drilled or re-entered with the last [...]
Portal Resources is pleased to announce that a five well drilling program (1.25 net) at the Birdbear oil play in West Central Saskatchewan is now underway. Portal and its partner have secured all the necessary licensing and regulatory approvals to drill one vertical well, re-enter and complete two existing vertical wells and drill two horizontal wells. One rig is mobilized and has drilled and cased the vertical well at [...]
Portal Resources is pleased to announce that the Company has entered into an agreement to participate in the development of an oil play in west central Saskatchewan. Under the terms of the agreement between Portal and a private, Canadian oil and natural gas producer, Portal has the right to earn a 25%, non operating, working interest in a total of four sections of land (2,560 acres). A 25% working interest in the first [...]
Portal Resources is pleased to announce that Mr. John Byers has joined the Company's Oil and Gas Advisory Board. Mr. Byers, B.Sc. (Eng), P. Geoph. holds a degree in Engineering Physics from Queen's University in Kingston, Ontario, Canada and has 40 years of oil and gas industry experience as an exploration geophysicist. During his career, Mr. Byers has worked with companies such as Chevron, Mesa Petroleum, Dome Petroleum [...]
Portal Resources is pleased to announce that Mr. John Kanderka has joined the Company's Oil and Gas Advisory Board. 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 in the United States. Through-out Mr. Kanderka's career he has held many surface, mineral [...]
Portal announces that it has increased the size of its previously announced non-brokered private placement of units by up to an additional 2,410,000 Units, so that the non-brokered private placement will consist of up to a total of 6,410,000 Units at a price of $0.125 per Unit for gross proceeds of up to $801,250 (the 'Private Placement'). Each Unit will consist of one common share of the Company and one common share [...]
Portal Resources is pleased to announce that, subject to regulatory approval, it has arranged a non-brokered private placement of up to 4,000,000 units at a price of $0.125 per Unit for gross proceeds of up to $500,000 . Each Unit will consist of one common share of the Company and one common share purchase warrant ('Warrant'). Each Warrant will be exercisable for one common share of the Company at a price of $0.15 for a [...]
Portal Resources announced on September 21, 2010 that it executed a binding Term Sheet, signed by all of the Bigwave Joint Venture partners, giving the Company the right to increase its working interest, on a progressive basis, up to an average of 70% in certain lands owned by the JV. In the ensuing time since that announcement the Company has worked diligently to prepare a definitive Farm-in Agreement (the 'Agreement [...]
Portal Resources is pleased to announce that it has: purchased an additional 6.5% working interest in the Bigwave Oil and Gas Joint Venture (the 'Joint Venture'), and entered into a binding Farm-in Agreement Term Sheet under which it has the right to increase its working interest up to 78.55% in certain sections of the land owned by the Joint Venture by undertaking the operations described below.
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