Portal Resources Ltd

Published : August 15th, 2011

Establishes Oil Production at its Salt Lake Project in Saskatchewan and Acquires Land in Provost, Al

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Keywords :   Canada | Natural Gas | Oil |
Portal Resources Ltd.
NEWS RELEASE

2011-13
Monday, August 15, 2011

Portal Resources Establishes Oil Production at its Salt Lake Project in Saskatchewan and Acquires Land in Provost, Alberta

Portal Resources Ltd. (TSX Venture Exchange: PDO) (Frankfurt: P5H) is pleased to announce that it has established oil production through a five-well drilling program targeting the Birdbear formation at its Salt Lake Project in West Central Saskatchewan. Planning for additional wells is now underway.

Salt Lake Project - Oil Production Established
Portal has now drilled and completed two horizontal wells, one vertical well and two well re-entries at its Salt Lake Project. Three wells were tested and brought on stream during the month of June, achieving combined average production of 130 bopd (33 bopd net to Portal) for the month. The fourth well was brought on production in the first week of July and is being monitored. The fifth well requires additional completion testing. Portal encountered startup delays due to abnormally wet weather conditions in the area.

Salt Lake Project - Additional Horizontal Wells Planned
Planning is underway to continue development drilling on the Salt Lake Project with up to four additional horizontal wells anticipated prior to year-end. The timing of the new wells will be dependent on permitting and drill rig availability.

Portal has a 25% working interest in the Salt Lake Project, which covers six sections of land (3,840 acres) near the town of Macklin in West Central Saskatchewan. The Birdbear oil play is a carbonate/dolomite formation that correlates to the Nisku formation in Alberta. The formation lies at a depth of approximately 800 meters with a pay zone of four to seven meters of 12� API oil. Horizontal wells drilled in Saskatchewan qualify for the provincial drilling incentive program (2.5% royalty on the first 100,000 barrels of oil).

Acquisitions
Portal has acquired, through Crown land auctions, 3.2 sections of land (2,048 acres) in the Provost area of Alberta, subject to a 6% gross over-riding royalty (GORR) and provincial royalties. The prospect is a Mannville channel play of medium gravity oil and natural gas. Portal is now in the process of reviewing available seismic data, finalizing plans to re-enter or re-complete existing wells to test productivity and pursuing the possibility of acquiring offsetting lands.

Additionally, Portal has acquired a 50% working interest in two sections of land (1,280 acres) in the Primate, Saskatchewan area. An evaluation of existing seismic data indicates two potential Mannville oil channel locations with additional offset locations. A development strategy is underway involving the acquisition of additional lands, 3-D seismic data and identification of additional drilling locations. Portal anticipates drilling operations on the lands will commence following a 3-D seismic program in the first quarter of 2012. The analog pool to which the play is being modeled has produced in excess of 1.5 million stock tank barrels (MMstb) to date. Portal continues to evaluate and pursue several additional acquisitions in Western Canada.

About Portal
Portal Resources is focused on the exploration and development of oil and gas in North America. Please refer to the Company's website for additional information at www.portalresources.net.


ON BEHALF OF PORTAL RESOURCES LTD.

"David Hottman"

President & CEO


This press release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein.

"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."

You can also view this News Release on our website at: http://www.portalresources.net/s/News.asp?ReportID=472529

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Portal Resources Ltd

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CODE : PDO.V
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Portal Res. is a silver and gold exploration company based in Canada.

Portal Res. holds various exploration projects in Canada.

Its main exploration properties are BIGWAVE and MANITO in Canada.

Portal Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.7 millions as of today (US$ 1.7 millions, € 1.3 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 1.53, and its lowest recent point on March 23, 2012 at CA$ 0.03.

Portal Res. has 48 746 000 shares outstanding.

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Corporate Presentations of Portal Resources Ltd
5/2/2011New Corporate Presentation for Portal
Annual reports of Portal Resources Ltd
2007 Annual Report
Financings of Portal Resources Ltd
5/25/2011Completes First Tranche Private Placement
4/29/2011Announces Four Million Dollar Private Placement
2/18/2011Completes Private Placement
3/23/2010Re-Prices Private Placement
1/27/2010Negotiates $1,000,000 Private Placement
6/14/2008Receives Approval To Extend Share Purchase Warrants
6/7/2007Negotiates Four Million Dollar Private Placement
Nominations of Portal Resources Ltd
3/12/2012Appoints John Kanderka to the Board of Directors
3/17/2011Appoints John Byers to Oil & Gas Advisory Board
3/1/2011Appoints John Kanderka to Oil & Gas Advisory Board
5/25/2010Appoints Barry Reid to Oil & Gas Advisory Board
3/22/2010Appoints John M. MacRAe to Oil & Gas Advisory Board
8/7/2008Appoints New President / Ceo
3/14/2008 Appoints New Chief Financial Officer
Project news of Portal Resources Ltd
2/1/2012Announces Closings Of Acquisition And Disposition Of Saskatc...
12/20/2011Announces Amended Acquisition Terms On Saskatchewan Oil And ...
9/13/2011Reports Initial Reserves on Salt Lake Project
6/9/2011Birdbear Oil Project Advances on Time and on Budget
5/27/2009(Arroyo Verde)Terminates Arroyo Verde Option
6/19/2008(La Pampa)Significant Alpha Track Anomaly at Cerro Solo Uranium Projec...
5/9/2008(Tiger Uranium) Expands Tiger Uranium Project
4/14/2008 Receives Permitting for Drilling for its Slick Rock Uranium...
4/7/2008(La Pampa)Encouraging Results At Cerro Solo Uranium Project
1/17/2008Update On Land Acquisition And Permitting On Portal's Slick ...
8/10/2007(Arroyo Verde)Tests Extension of Refugio Molybdenum-Copper Porphyry System
6/15/2007(Arroyo Verde)Drilling Follows Up 4.0 Meters Grading 18.9 g/t Gold and 549...
Corporate news of Portal Resources Ltd
3/31/2012to Change Name to Galileo Petroleum Ltd. (Symbol: GPL) and C...
2/27/2012Announces Proposed Share Consolidation, Amendment to Authori...
1/19/2012Outlines Acquisition Financing Plan
1/16/2012Invitation
10/13/2011Adds to Core Area Holdings in West Central Saskatchewan Thro...
9/12/2011Engages Bryan Mills Iradesso to Provide Investor Relations S...
8/15/2011Establishes Oil Production at its Salt Lake Project in Saska...
5/13/2011Launches Five Well Drilling Program at Birdbear Oil Play in ...
3/28/2011Enters Birdbear Oil Play in West Central Saskatchewan
5/27/2010Gary Nordin Appointed to Board of Directors
5/13/2010Corporate Update
3/4/2010Please accept our invitation to meet the Portal Resources te...
1/12/2010Team Identifies New Oil and Gas Opportunities
11/6/2009Gary Nordin Appointed to Oil and Gas Advisory Board
8/26/2009Participates In Oil Drilling
6/10/2009Grants Options
6/9/2009Assigns Option on Nevada Properties
6/2/2009Initiates Project Search In Mexico
2/6/2009Terminates Cerro Solo Option Agreement
12/9/2008Corporate Update
9/2/2008Options Three Properties In Nevada
6/21/2008Terminates Slick Rock Option
6/5/2008Completes Drilling On Slick Rock Uranium Project
4/25/2008Enters Investor Relations Agreement
2/21/2008Progress on Portal Resources' Tropezón Uranium Project
10/18/2007Portal Adds to Land Holdings for Uranium Exploration in Arge...
9/10/2007Progress On Portal Resources' La Pampa Uranium Project
8/14/2007Principal Vein Deep Drill Test
7/12/2007Options Strategic Uranium-Vanadium Exploration Land
5/1/2007RESEND with Graphics - EXPANDED URANIUM EXPLORATION IN ARGEN...
4/24/2007Signs Up Cerro Solo Basin Uranium Property
4/17/2007Finds Encouraging Clues In Initial Uranium Exploration On La...
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