Toro Signs LOI on Crown Oil and Gas Lease in OK
Toro Ventures, Inc. reported that the company has entered into a letter of intent with Nitro Petroleum, Inc. The Turnkey agreement provides that Toro can acquire a 60% working interest in the Crown Oil and Gas leases. The Lease will drill two new wells on the Crown Lease as a fully functional Oil and Gas production, along with drilling of a new well to an approximate depth of 1150 feet.
Nitro and Toro anticipate commencing the Work Program by the end of the second quarter of 2008.
Toro Ventures, Inc. is excited to move aggressively into the Oil and Natural Gas exploration business. Oil and Gas prices are at high levels due to increased world energy demands and supply shortfalls. These higher prices should enable smaller and faster moving companies like Toro Ventures to be aggressive in acquiring further opportunities within the Sector.
Frederick Graham, President and CEO of Toro, has stated that, "The Company has an immediate opportunity to acquire producing leases and further drilling opportunities within North America. This can provide the company with cash flow to develop further reserves and production capabilities."
Toro's objective is to develop opportunities in the Oil and Natural Gas sectors that represent lower than industry average risk. As well, Toro aims to define larger projects that can be developed with Joint Venture partners. Toro is confident that these opportunities exist in a sector that holds long-term fundamental strength. By doing so Toro intends to continue building Oil and Natural Gas reserves thereby increasing capital appreciation to TORO shareholders.