Toro Ventures Incorporated is an oil and gas exploration company with headquarters in Seattle, Washington. Trading on the OTCBB, they focus their efforts on finding projects that are low-risk to generate cash flow, and on finding larger projects that they can develop as joint ventures. Toro believes they can offer their shareholders value in the near term by securing opportunities that they can develop using existing infrastructure and the experience of established oil and gas operators.
Toro Ventures also believes they can play a role in reducing US dependency on foreign oil by being an active explorer and developer of proven domestic reserves. They have recently entered into a Letter of Intent (LOI) in Oklahoma. This LOI is with Nitro Petroleum on the Crown Oil and Gas Lease in Pottawatomie County. The company is moving aggressively into the oil and natural gas exploration business because of increased world demand, short supplies, and rising oil and gas prices. They feel it is economically feasible to do the necessary exploring and developing now because higher prices can aid smaller and faster-moving companies in acquiring potentially productive properties.
In late June, the company announced that the Crown Lease had begun to produce natural gas in pay quantities. Toro engaged Scissortail and Erifin Gas Companies to test the well on June 30, 2008. In addition, the company’s Quinlan #3 well had been pumping saltwater at a rate of 300 barrels of a day towards the end of June. The well has begun to fill up with oil and gas. The Quinlan #3 Lease is located in the Hunton Limestone formation in Oklahoma. That region has produced over 5.8 million barrels of oil so far, valued at over $626M U.S.
On June 26, Frederick Graham, president, and CEO of Toro Ventures, Inc., said, “We are very pleased with the results on both the Crown and Quinlan well. We expect to be announcing our first production numbers within the next 20 days. The Company will be keeping shareholders advised of all production results from both the Crown and Quinlan well.”
Toro Ventures Incorporated feels the time is ripe to further productive gas exploration and development in the United States. They believe the domestic oil and gas sector holds long-term fundamental strength. They continue to pursue tangible projects and assets through their contacts and relationships within the oil and gas industry.
Let us hear your thoughts below:
