Toro, a publicly traded, growth-oriented oil and gas exploration company, executed a turnkey agreement with Nitro Petroleum, Inc., a natural resource company engaged in the development and re-development of oil and gas fields in the United States, on the Crown Oil and Gas Lease in Pottowatomie Country, Oklahoma. The agreement provides that Toro obtains a 60% working interest in the Crown Oil and Gas leases. The Lease will drill two new wells on the Crown Lease as a completely functional oil and gas production.
President and CEO of Toro, Frederick Graham said, “The Crown Oil and Gas lease provides the company with cash flows to develop further reserves and production capabilities. The Company will continue to seek out opportunities to acquire producing leases and further drilling prospects within North America.”
Toro’s intends to develop opportunities in the oil and natural gas sectors that represent lower than industry average risk. Toro also plans to define bigger projects that can be developed with joint venture partners. Toro is positive that these opportunities exist in a sector that holds long-term fundamental power. By doing so, Toro intends to continue building oil and natural gas reserves, and as a result increase capital appreciation for TORO shareholders.
Toro Ventures, Inc. is thrilled to move into the oil and natural gas exploration business. Oil and gas prices are at high levels due to “greater than before” world energy demands and supply shortfalls. These higher prices should allow smaller and faster moving companies like Toro Ventures to be aggressive in acquiring more opportunities within the sector.
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