Toro Ventures Executes Turnkey Agreement
Toro Ventures, Inc. has executed a Turnkey agreement with Nitro Petroleum, Inc. on the Crown Oil and Gas Lease in Pottowatomie County, Oklahoma. The Turnkey agreement provides that Toro acquires 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.
A payment of $250,000 has been paid to Nitro in full consideration for the working interest of the Turnkey agreement. The Work Program on the Crown Oil and Gas Lease will be commenced immediately by Toro and Nitro.
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.
"The Crown Oil and Gas lease provides the company with cash flows to develop further reserves and production capabilities," Frederick Graham, President and CEO of Toro, said. "The Company will continue to seek out opportunities to acquire producing leases and further drilling prospects within North America."
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 continuing building Oil and Natural Gas reserves thereby increasing capital appreciation to TORO shareholders.