Toro Ventures, Inc. announced that the company has entered into its second letter of intent with Nitro Petroleum, Inc. The eventual Turnkey agreement will provide that Toro acquires a 60% working interest in the Quinlan #3 Oil and Gas lease. Toro Ventures, Inc. previously signed a LOI on the Crown Lease in Oklahoma with Nitro Petroleum.
Nitro and Toro anticipate commencing the Quinlan Work Program on or before April 1, 2008.
The Quinlan Lease is located in the Hunton Limestone formation and this is considered to be one of the best producing formations in Oklahoma. The region has produced in excess of 5.8 million barrels of Oil to date with value of over 626 Million USD.
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. The resulting higher market prices can 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. With plans for both the Quinlan lease and the Crown lease to be soon added to the Company's oil and gas portfolio, the company will be able to take advantage of strong market prices for oil and gas and generate 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 a low risk opportunity. 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 build significant Oil and Natural Gas reserves and capital appreciation to its shareholders.
More information on the Crown and Quinlan Leases will be made available on Toro's New Corporate Website in the Near Future.
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