TSX Venture Exchange Symbol: SNV
CALGARY, April 5, 2012 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSXV: SNV) is pleased to announce the addition of Messrs. Kirk Donaldson, Richard Monbaillard and Dick ter Avest to its Board of Directors. Mr. Richard Wadsworth will become the Executive Chairman while retaining his current Chief Executive Officer position. Mr. Dick ter Avest joins the Board and is taking on the role of President in addition to his current Chief Operating Officer position.
Mr. Donaldson is a senior financial industry professional with over 17 years of experience in new business and client development, financial services and asset management. Mr. Donaldson founded Quidnet Capital Partners, an investment fund specializing in global macro opportunities and currently serves as non-executive Chairman. He is also currently the Managing Director and Global Relationship Head of RMJM, one of the world's leading architectural and design companies. In addition to those responsibilities at RMJM, Mr. Donaldson serves as Chairman of the Board of the RMJM subsidiary YRM, a leading nuclear, technology and energy design firm. Prior to these positions, Mr. Donaldson served as Vice President at Morgan Stanley leading the international investor and retirement investments business within the private investments group in New York City. Previously, he was Senior Vice President and head of the Global Wealth Management Group at Merrill Lynch overseeing private and institutional assets. In addition to his domestic and international investment and project experience, Mr. Donaldson is President of the Bond Club of New York.
Mr. Richard Monbaillard has over 35 years of experience in international oil and gas exploration, production and power. Mr. Monbaillard's career has spanned various senior positions, including technical, negotiation, project development, asset management and leadership, of which 25 years were in exploration and production and 12 years in gas and power with Elf and Total. He has held senior E&P positions in North Africa, West Africa and the Middle East. Mr. Monbaillard has also held a lead role in worldwide acquisitions and joint ventures.
Mr. Adam Sumel, Mr. Nasser Bin Jarallah and Mr. Ahmed Al Shamsi have resigned from their respective Board positions to move to a new Advisory Board that will make use of their respective talents on a more focused basis, particularly with respect to Middle East relationships and business expertise.
Mr. Wadsworth commented: "On behalf of the Board I would like to thank each of the departing board members for their contributions to the Company and for their continuing support through the newly formed Advisory Board. The Board and I welcome Messrs. Donaldson, Monbaillard and ter Avest. With these changes, the Company maintains its level of relationships and experience in the Middle East through the Advisory Board while adding additional financial and technical expertise to our Board". Mr. Wadsworth further stated: "With the Company now advancing its operations in Salah ad Din and pursuing conventional oil and gas opportunities in Iraq, we are excited about the upcoming growth prospects for the Company".
In association with this announcement, the Company has granted 500,000 stock options to each of Mr. Donaldson and Mr. Monbaillard, exercisable at $0.10 per share over a 5 year term in accordance with the Company's stock option plan. 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 resource exploration and development in Iraq. We have initiated the evaluation of resource opportunities within our asphalt (heavy oil) license agreement and are finalizing plans to drill our North Salah ad Din prospect. Sonoro is also pursuing the acquisition of conventional oil and gas exploration opportunities 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 planned exploration at Sonoro's North Salah ad Din prospect. 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 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.
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.
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PRESIDENT & CEO