TSX Venture Exchange Symbol: SNV August 10, 2010
CALGARY, Aug. 10 /CNW/ - Sonoro Energy ("Sonoro" or "the Company") (TSXV: SNV) is pleased to announce that Nasser Bin Jarallah has agreed to join the Board of Directors of Sonoro Energy Ltd.
Mr. Bin Jarallah is an established business leader in the Middle East. He is the CEO and Vice President of the Bin Jarallah Group of Companies in Saudi Arabia. The Jarallah Group was founded in 1976 and employs over 8,000 people across Saudi Arabia in multiple sectors, including asphalt, oil and gas, petrochemicals and construction. Mr. Bin Jarallah has presided over the growth of the group. Among other projects, the group is building a major new seamless pipe mill at the Jubail Industrial City. The 600,000-ton per year plant is a joint venture with steel giant ArcelorMittal and will address a shortage in the region of high-end line pipes and other products for the oil and gas industry.
"We are extremely pleased to have Mr. Nasser Bin Jarallah join the Board," said Richard Wadsworth, CEO of Sonoro Energy. "With his extensive business successes, he brings a wealth of knowledge, experience and influence, which will assist with our growth plans in the pursuit of new projects in the Middle East and internationally."
In association with this announcement the Company has granted 500,000 stock options to Mr. Bin Jarallah, exercisable at $0.115 per share over a 5 year term as per the company stock option plan. The terms and conditions of the grant are subject to the approval of the TSX Venture Exchange.
Sonoro is a public company with its head office based in Calgary, Canada. The Company is pursuing oil and gas development opportunities in the Middle East and internationally with an initial focus on heavy oil, bitumen and asphalt resources. The Company believes that its proprietary technology provides a strategic competitive advantage in capturing and developing such resources. The Company is also currently constructing its first joint venture using the Company's PetroSonic process in Albania. Technology development with its proprietary sonic reactor platform continues with oil sands extraction and conversion of fly ash from coal-powered stations into a cement substitute.
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 amount of the offering and its completion, 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: For further information: please contact Richard Wadsworth, Chief Executive Officer, at: Tel: (604) 736-2552, Email: info@SonoroEnergy.com, www.SonoroEnergy.com