Porto Energy Corp. Announces Results from the ALC-1 Presalt Exploration Well

Porto Energy Corp. Announces Results from the ALC-1 Presalt Exploration Well 
TORONTO, Nov. 1, 2012 /CNW/ - Porto Energy Corp., ("Porto" or the "Company") 
(TSXV:PEC), a company focused on oil and gas exploration, appraisal and 
development in Portugal, today announced results from the drilling of the 
Alcobaça #1 ("ALC-1") Presalt exploration well in the Aljubarrota-3 
concession, onshore Portugal. The well was drilled under a joint venture with 
Petróleos de Portugal - Petrogal ("Galp") who carried Porto on 50% of the 
total costs associated with the drilling of this well, estimated to be 
approximately $10.7 million. 
The Company spud the ALC-1 well at the end of August 2012. The ALC-1 well was 
the Company's first Presalt well and reached a total measured depth of 3,240 
meters. The well encountered a 300 metre gas column trapped below salt, but 
did not find sufficient reservoir sands to be a commercial success. The 
Company has begun efforts to plug and abandon the well and release the rig. 
Porto and Galp are initiating technical discussions on the best path forward. 
"The well penetratedapproximately 50 net meters of sandand sawgood 
reservoir properties in several intervals,butmuchofthe sands were near 
the base of the trapped gas column and as such were deemed non commercial," 
said Joseph Ash, President and CEO of Porto Energy. "Overall we drilled nearly 
1,000 feet of hydrocarbon column. The salt sealing mechanism worked. The 
pre-salt charge and migration was confirmed as the sands were found to be gas 
bearing. Reservoir containment was also demonstrated since there was no 
breach. Unfortunately, we discovered a much lower net to gross ratio on the 
sands in this discovery. Regardless, this demonstrated to the partnership 
that the play can work in the basin." 
Porto will turn its near term focus to its Lias unconventional resource oil 
play while Mohave and Galp evaluate other parts of the basin where the 
pre-salt is potentially productive. The Porto Lias unconventional oil joint 
venture with Sorgenia International B.V., Netherlands ("Sorgenia"), and 
Rohöl-Aufsuchungs Aktiengesellschaft, Austria ("RAG"), concluded a 23 well 
stratigraphic drilling program in the third quarter of 2012 to jointly 
evaluate the unconventional resource potential of the Lower Jurassic (Lias) 
stratigraphic interval within Porto's concessions in Portugal. While the cores 
continue to show encouraging results, complete rock mechanics and geochemical 
analysis is ongoing. Complete results are expected in the first quarter of 
"We are very pleased with the results of our Lias work program and the extra 
wells we drilled have allowed the partnership to collect more data to analyze 
and interpret," said Joseph Ash. "We and our partners remain very optimistic 
about what we are seeing in the data thus far." 
About Porto Energy Corp. 
PortoEnergy Corp. is an international oil and gas company engaged in the 
exploration of crude oil and natural gas in Portugal, including the appraisal 
of a gas discovery. Through its wholly owned subsidiary, Mohave Oil And Gas 
Corporation (a Texas corporation with branch offices inPortugal), the 
Company holds working interests in seven concessions in Portugal's Lusitanian 
Basin totaling approximately 1.9 million net acres. Through its exploration 
efforts to date, the Company has identified seven major exploration trends 
over its concessions including unconventional oil and gas resource plays as 
well as conventional oil and gas targets.PortoEnergy's shares trade on the 
TSX Venture Exchange under the ticker symbol "PEC". For more information 
onPortoEnergy visit: www.portoenergy.com. 
Cautionary Statements 
This press release contains certain forward-looking statements. These 
statements relate to future events or the Company's future performance. All 
statements other than statements of historical fact are forward-looking 
statements. The use of any of the words "anticipate", "plan", "continue", 
"estimate", "expect", "may", "will", "project", "should", "believe", "predict" 
and "potential" and similar expressions are intended to identify 
forward-looking statements. These statements involve known and unknown 
risks, uncertainties and other factors that may cause actual results or events 
to differ materially from those anticipated in such forward-looking 
statements. No assurance can be given that these expectations will prove to be 
correct and such forward-looking statements should not be unduly relied 
upon. These forward-looking statements are made as of the date of this press 
release and the Company does not undertake to update any forward-looking 
statements that are contained in this press release, except in accordance with 
applicable securities laws. 
Neither TSX Venture Exchange nor its Regulation Services Provider (as that 
term is defined in the policies of the TSX Venture Exchange) accepts 
responsibility for the adequacy or accuracy of this release. 
Heath Cleaver - Chief Financial Officer Phone: 1-713-975-1725 
SOURCE: Porto Energy Corp. 
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CO: Porto Energy Corp.
ST: Texas
-0- Nov/01/2012 20:52 GMT
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