Portal Resources Ltd.

Portal Resources Ltd.

January 31, 2012 21:36 ET

Portal Announces Closings of Acquisition and Disposition of Saskatchewan Oil and Gas Assets

CALGARY, ALBERTA--(Marketwire - Jan. 31, 2012) - Portal Resources Ltd. (TSX VENTURE: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.


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.

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