TSX Venture Exchange Symbol: SNV
CALGARY, July 30, 2012 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the
Company") (TSX-V: SNV) is pleased to announce the following updates.
Closing of Rig Purchase
The joint venture company established by Sonoro, Berkeley Petroleum
Mesopotamia Limited ("Berkeley") and Geopetrol Iraq Corp.
("Geopetrol"), collectively, the "Partners", has completed the
previously announced purchase of a new 750 horse power drilling rig for
the Partners' planned asphalt operations in Salah ad Din Province,
Iraq. The new drilling rig is suited for exploration of the Partners'
initial three well drilling campaign in Salah ad Din Province as well
as further exploration drilling within the Partners' exclusive 24,000
km2 license area.
Updated Investor Presentation
The Company has posted an updated investor presentation on its corporate
Sale of De-Asphalting Technology
The Company has completed the sale of its de-asphalting technology,
including all of its assets in Albania and one of its two sonic
generators in Richmond B.C., to PetroSonic Energy Inc. (BEAX:OTCBB)
In exchange for the de-asphalting technology and assets, Sonoro received
an initial payment of $250,000, a $250,000 convertible debenture (the
"Convertible Debenture") and is entitled to a 10% royalty on
Petrosonic's net revenues for 10 years from commencement of commercial
operations in each jurisdiction where Petrosonic uses the de-asphalting
technology. The Convertible Debenture is non-interest bearing, matures
on June 29, 2014 and may be converted into common shares of Petrosonic
at a price equal to the price per common share of a subsequent equity
offering in which Petrosonic raises a minimum of $500,000.
The Company has retained its SonoAsh waste fly ash intellectual property
rights and all other technology associated with the Sonic Generator
outside of de-asphalting as well as the right to use the de-asphalting
technology in Iraq.
The Company's decision to sell the de-asphalting technology is
consistent with its focus on its core business, the exploration and
development of resources under the Company's Asphalt License in Iraq.
Grant of Options
Finally, the Company has granted 4,375,000 stock options to directors,
officers, employees and consultants exercisable at $0.10 per share over
a five year term in accordance with the Company's stock option plan. A
total of 3,100,000 of these options have been granted to directors and
officers of the Corporation. The terms and conditions of the grant are
subject to the approval of the TSX Venture Exchange.
Sonoro is an international oil exploration and development company. Our
current focus is on asphalt (heavy oil) resource exploration and
development in Iraq. Sonoro has initiated the evaluation of resource
opportunities under our Asphalt License in the Salah ad Din Province.
Sonoro plans to drill exploration wells on the North Salah ad Din
("NSD") and Sherqat prospects in the Salah ad Din Province in the
Republic of Iraq. An initial program to develop NSD and Sherqat and a
further exploration program, including extensive sub-surface data
acquisition in the Salah ad Din Province, have been developed and are
planned to be executed following the above exploration drilling
Forward Looking Information
This press release contains forward looking information, including but
not limited to planned exploration at Sonoro's NSD and Sherqat
prospects. The forward looking information is based on current
expectations that involve a number of risks and uncertainties, which
could cause actual results to differ materially from those anticipated.
These risks include, but are not limited to risks associated with the
oil and gas industry (e.g. operational risks in development,
exploration and production delays or changes in plans with respect to
exploration or development projects or capital expenditures; the
uncertainty of resource estimates; the uncertainty associated with
geological interpretations; the uncertainty of estimates and
projections in relation to production, costs and expenses and health,
safety and environmental risks), the risk of commodity price and
foreign exchange rate fluctuations, risks associated with the
implementation of new technology, risks associated with obtaining,
maintaining and the timing of receipt of regulatory approvals, permits,
and licenses, uncertainties relating to access to capital markets,
in-country political risks and the risk of volatile global economic
Due to the risks, uncertainties and assumptions inherent in forward
looking information, prospective investors in the company's securities
should not place undue reliance on forward looking information. Forward
looking information contained in this press release is made as of the
date hereof and are subject to change. The company assumes no
obligation to revise or update forward looking information to reflect
new circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sonoro Energy Ltd.
For further information:
CHAIRMAN & CEO