TSX Venture Exchange Symbol: SNV
CALGARY, Nov. 15, 2011 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or the
"Company") (TSX-V: SNV) is pleased to announce that the Company has
completed the next phase of its evaluation program with analysis of 600
kilometers of 2D seismic across the Salah ad Din Province (the
"Province"). The analysis identifies ten structures in addition to the
Company's North Salah ad Din prospect (the "NSD Prospect"). The new
prospects appear to be evenly split between asphalt (heavy oil)
resources over multi-stacked horizons and conventional oil and gas
resources. Following the positive outcome of the prospect mapping
evaluation study, the Company is pursuing the acquisition of
conventional oil and gas rights to complement the Company's existing
asphalt (heavy oil) rights. In the next phase of the evaluation,
volumetrics and offset wells will be studied to high-grade the various
prospects and define drilling locations.
The Company continues to be engaged with potential partners with respect
to the appraisal and exploration of the Company's prospects in the
Province. In order to assist with this process, the Company has
recently engaged FirstEnergy Capital LLP to help secure a farm-in
partner to accelerate drilling activities on the NSD Prospect as well
as the numerous exploration prospects across the Province.
Sonoro selected a preferred drilling contractor for tender award,
however, the contractor has been unable to meet Sonoro's requirements
in providing a drilling rig. The Company is currently in discussions
with alternative drilling contractors.
The Province has provided the Company with confirmation that the lands
within the NSD Prospect area are provincially owned and the Province
has confirmed that it will provide the Company with requisite approval
for a land lease to commence operations. The civil contract
negotiations have been concluded and the Company has awarded a local
civil contractor with the contract for the construction of roads,
leases, and other support services for the NSD Prospect. The contractor
is on standby until drilling services can be finalized.
The Company has completed an Environmental Impact Assessment which
identified no significant concerns regarding the NSD Prospect. The
Company has submitted this assessment to the Province.
Sonoro is an international oil exploration and development company. Our
current focus is resource exploration and development in Iraq. We have
initiated the evaluation of resource opportunities within our exclusive
asphalt (heavy oil) license agreement.
Forward Looking Information
This press release contains forward looking information, including but
not limited to planned operations at Sonoro's Salah ad Din project,
entering into a drilling services contract and entering into a
partnership agreement. 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 and
the risk of volatile global economic conditions.
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements
in this release that are forward-looking statements, including the
exploration success and development plans in Iraq, are subject to risks
and uncertainties, including those specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic filings
with Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available. The Company does not assume the
obligation to update any forward-looking statement except in compliance
with applicable securities laws.
SOURCE Sonoro Energy Ltd.
For further information:
PRESIDENT & CEO