Toro Ventures Inc. is an oil and gas exploration company with headquarters in Seattle, Washington. They focus their efforts on finding projects that are low-risk to generate cash flow, and finding larger projects that they can develop as joint ventures. Trading on the OTCBB, Toro believes they can offer their shareholders value in the near-term by securing opportunities that they can develop using existing infrastructure and the experience of established oil and gas operators.
Toro Ventures also believes they can play a role in reducing the United States dependency on foreign oil by being an active explorer and developer of proven domestic reserves. They have entered into a Letter of Intent (LOI) in Oklahoma. This LOI is with Nitro Petroleum on the Crown Oil and Gas Lease in Pottawatomie County. The Company is moving aggressively into the oil and natural gas exploration business because of the increased world demand and short supplies.
The Company announced in the summer of 2008 that their Crown Oil and Gas Lease began to produce natural gas in pay quantities. Toro engaged Scissortail and Erifin Gas Companies to test the well. In addition, the Company’s Quinlan #3 well had been pumping salt water at a rate of 300 barrels a day towards the end of last June. The well began to fill up with oil and gas.
The Quinlan #3 Lease is located in the Hunton Limestone formation in Oklahoma, a region that has produced over 5.8 million barrels of oil so far, valued at over $626M U.S. The Quinlan #3 well has encountered three productive pay zones, the Viola, Limestone, and the Simpson Dolomite. Nitro Petroleum Inc., are the operators of the Quinlan #3 well.
Toro Ventures Inc. reported in October 2008, that their third shipment of oil shipped to the oil purchaser from Toro’s Crown lease. The Crown #1 and #3 wells have been producing with no down time. The Company installed all pipes for gas discovery on the Crown # 3 well. Interfin Gas Gathering Corporation installed a new gas meter and gas production began. This natural gas will add to the revenues the Company is already generating from their Crown leases.