TSX Venture Exchange Symbol: SNV
CALGARY, Feb. 29, 2012 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or the
"Company") (TSXV: SNV) is pleased to announce that all conditions
precedent have been met to close the previously announced farmout
transaction (the "Farmout") with Geopetrol International Holding Inc.
and its subsidiary, Geopetrol Iraq Corp. (collectively, "Geopetrol").
These satisfied conditions include the approval of the Al-Salah ad Din
Provincial Government (the "Government") and the TSX Venture Exchange.
In accordance with the terms of the Farmout Agreement, Sonoro
anticipates that the Farmout will close in approximately one week, at
which time the Company will issue a further news release confirming
In addition to approving the Farmout, the Government has agreed to
extend the time limit prescribed in the Asphalt License Agreement
during which Sonoro, Berkeley Petroleum Mesopotamia Limited and
Geopetrol (collectively, the "Licensee") must construct an initial
topping facility capable of processing a minimum of 1,000 barrels per
day (the "Topping Facility"). The previous deadline of October 2012
for construction of a Topping Facility has been extended to 18 months
following a commercial discovery.
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 asphalt
(heavy oil) license agreement, and new interests for conventional oil
and gas exploration are being pursued in the Salah ad Din Province in
the Republic of Iraq.
Forward Looking Information
This press release contains forward looking information, including but
not limited to the closing of the Farmout. 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.
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:
PRESIDENT & CEO