Porto Energy Corp. has received an updated independent resource evaluation (the "Updated Report") from Dallas, Texas-based Netherland, Sewell & Associates, Inc. (NSAI). This report was completed on each of the seven concessions in which the Company maintains an interest. The Updated Report is dated January 10, 2013 with an effective date of December 31, 2012.

"We are pleased to announce that we have significantly increased our prospective resources in the Lower Jurassic Lias unconventional resource play as a result of the ongoing technical evaluation program with our joint venture partners," said Joseph Ash, President and CEO of Porto Energy Corp. "Despite reducing the prospective resources associated with the number of conventional Jurassic reef exploration targets, the reduction was more than offset by the increased the geologic chance of success of finding hydrocarbon-bearing reservoirs in the Silves which was confirmed by the ALC-1 well. Our ongoing joint venture initiatives will benefit from the Updated Report that augments the extensive technical analysis our team has performed to continually high-grade our exploration portfolio and narrow our focus to the Lias unconventional resource and Presalt conventional plays. In turn, this narrowed focus will help concentrate our farm-out efforts."

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