SOURCE: Toro Ventures, Inc.

May 12, 2008 16:15 ET

Toro Ventures, Inc. Has Been Informed by the Operator of the Crown Lease That They Have Located an Unexpected New Oil and Gas Well on the Property

SEATTLE, WA--(Marketwire - May 12, 2008) - Toro Ventures, Inc. (OTCBB: TORO) has been informed by Larry Wise, The Operator of the Crown Lease, that he has found a New Oil and Gas Well on the property. Initial tests on this new well have shown that it should be a simple rework project to put this New Well online. The New Oil well should have the immediate ability to increase Toro's production numbers.

Toro will also be continuing to give more details on the Crown Lease as soon as possible. The Crown #1 well had not been perforated in the Hunton Lime Zone. Toro elected to perforate the top 5 feet of the Hunton Zone. Toro was successful in the perforation and expects this to increase production on the Crown #1. The Hunton Lime Zone and the First Wilcox formations have produced over 5.8 million Barrels of Oil.

Frederick Graham, President and CEO of Toro, stated that, "This is another leap forward and a windfall for Toro. The new probability of being able to almost double Toro's production numbers is great news for shareholders. Toro was not expecting to hear about a New Oil Well so we are very excited. All wells including the Disposal well had electrical transformers installed as of May 7, 2008. Nitro is the Operator and will be announcing the Initial start up and Production numbers of these wells in the near future. The timeframe with which Toro has been able to go from an exploration-based company to now a producing company demonstrates the Company's ability to meet project milestones."

Nitro Petroleum, Inc., operator of the Crown leases and Quinlan Leases, has stated they are "excited to be working with Toro on this first rework program on the Crown Lease. Working with Toro has been a pleasure and as soon as possible Toro will update shareholders on Production Numbers."

Toro Ventures, Inc. has moved 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.

More information on the Crown Leases will be made available on Toro's New Corporate Website

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.

Contact Information

  • Contacts:
    Toro Ventures, Inc.
    Investor Relations
    CEO and President
    Frederick Graham