Porto Energy Corp. announced the Portuguese government approved the seismic data sales agreement between the Company and TGS-NOPEC Geophysical Company ASA (TGS). As previously disclosed in its fiscal second quarter Management Discussion and Analysis (MD&A) filed on April 29, 2014, the Company agreed to terms with TGS for the licensing and marketing of four sets of survey data including one 3D offshore survey spanning 1,099 square kilometers, two 3D onshore surveys totaling 358 square kilometers (excluding 160 square kilometers of Aljubarrota 3D seismic data as it is jointly owned by the Company and its joint venture partner, Petróleos de Portugal - Petrogal, S.A. (Galp)), and one 24,000 square kilometer aeromagnetic survey.

Approval of the agreement is not guaranteed to bring in immediate funding. However, in obtaining government approval, TGS can now begin to market the Company's seismic data to interested parties. If a sale is consummated, Porto expects to receive the proceeds, less any fees, from TGS within 30 days of that sale according to the sales agreement.