The rising costs of oil and gas saturate the headlines and dry up the pocketbook, unless you’re an oil and natural gas company like Toro Ventures Inc. (OTCBB: TORO). The exploration company recently announced the discovery of a new oil and gas well on the Crown Lease property, estimated to have an “immediate ability” to boost the company’s production numbers.
“This is another leap forward and a windfall for Toro. The new probability of being able to almost double Toro’s production numbers is great news for shareholders. Toro was not expecting to hear about a new oil well so we are very excited. All wells including the disposal well had electrical transformers installed as of May 7, 2008. Nitro [Petroleum Inc.] is the operator and will be announcing the initial start up and production numbers of these wells in the near future. The timeframe with which Toro has been able to go from an exploration-based company to now a producing company demonstrates the company’s ability to meet project milestones,” Frederick Graham, president and CEO of Toro stated in the press release.
Toro said that while the Crown #1 well has not been perforated in the Hunton Lime Zone, the company has elected to perforate the top five feet of the zone. The Hunton Lime Zone and the First Wilcox formations have produced more than 5.8 million barrels of oil. The company will release more details on the operations and production of the Crown Lease as it comes.
The company continues to pursue opportunities and projects to develop positive cash flow and build near-term shareholder value. The company seeks out joint venture partners and other contracts and relationships throughout the oil and gas sector to reach its business objectives.
Let us hear your thoughts below:
