Tue Jan 31, 2012
Portal Announces Closings Of Acquisition And Disposition Of Saskatchewan Oil And Gas Assets
Portal Resources Ltd. (TSX Venture Exchange: PDO) is pleased to announce that, further to its news release of December 20, 2011, it completed today the acquisition of the oil and gas production assets in West Central Saskatchewan (the "Assets") for a total purchase price of $8.3 million. The purchase consideration was paid all in cash (and no shares of Portal as previously contemplated).

Pursuant to an agreement with a company listed on the TSX Venture Exchange, Portal then disposed of the Assets for a total sale price of $8.8 million.

Further to the completion of the above transactions as described, the contemplated financing arrangements for the acquisition of the Assets announced in Portal's news release of January 19, 2012 did not proceed.

ON BEHALF OF PORTAL RESOURCES LTD.

"David Hottman"

President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

info@portalresources.net
or
portal@bmir.com
distribué par

Ce noodl a été diffusé par Portal Resources Ltd. et initialement mise en ligne sur le site http://www.portalresources.net. La version originale est disponible ici.

Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-02-01 02:50:34 AM et restera accessible depuis ce lien permanent.

Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité.