SOURCE: Toro Ventures, Inc.

May 07, 2008 16:00 ET

Toro Ventures, Inc. Successfully Completes the Rework Program on the Crown Oil and Gas Lease #1; Toro Has Moved From an Exploration-Based Company to a Producing Oil and Gas Company

SEATTLE, WA--(Marketwire - May 7, 2008) - Toro Ventures, Inc. (OTCBB: TORO) is pleased to announce that the rework program on the Crown Lease #1 is complete. We were able to complete all the rework operations on the Crown #1 as of May 2, 2008. This well should be online and producing within days. The Crown #3 will be fully complete and online this week as well.

Frederick Graham, President and CEO of Toro, stated that, "This is another major leap forward for Toro. The rework program has been completed on our first lease. This week we plan on putting both wells online and updating shareholders with our initial production numbers. 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, has stated they are "extremely 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. Also, we are very eager to move to our next larger project with Toro, the drilling of the Quinlan #3 well. The Quinlan Leases have a potential for a further 20 wells. Initial production numbers from the Quinlan #1 were 334 Barrels of Oil a Day and the #2 Initial production was 298 Barrels of Oil per day so we are all eager and excited to be moving onto this very productive lease."

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