Toro Ventures to Acquire 60% Interest in Crown Oil and Gas Leases
February 18, 2008
Toro Ventures has entered into a letter of intent with Nitro Petroleum to acquire a 60% working interest in the Crown Oil and Gas leases in Pottowatomie County, Oklahoma, US.
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 1,150 feet. Nitro and Toro anticipate commencing the work program by the end of the second quarter of 2008.
Frederick Graham, president and CEO of Toro, said: “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.”