TSX Venture Exchange Symbol: SNV
CALGARY, July 17, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV) announces that Mr. Alan Beaulieu has been appointed interim Chief Financial Officer of the Company effective immediately. Mr. Beaulieu has been with the Company since January 2012 and replaces Mr. David Little who has served as the Chief Financial Officer since January 2012. Mr. Beaulieu is a senior finance professional with extensive experience in the international oil and gas sector. His past endeavours include holding officer-level positions with small international oil and gas exploration companies and serving as controller of a major Canadian energy company's international division.
The Company thanks Mr. Little for his contributions to Sonoro and wishes him success in his future endeavours.
The Company also announces that Mr. Dale Styner has resigned as Corporate Secretary. Mr. Styner will provide consulting services to the Company as required in order to facilitate an effective transition and Mr. Richard Wadsworth, Chairman and Chief Executive Officer, will assume the additional role of Corporate Secretary. The Company thanks Mr. Styner for his contributions.
The Company expects that these changes will result in cost savings going forward and anticipates making further changes to realize additional cost savings while maintaining readiness to execute on its planned drilling program.
Sonoro is an international oil exploration and development company. Our current focus is a pure play on asphalt resource exploration and development in Iraq. Sonoro has initiated the evaluation of resource opportunities under its asphalt license agreement in the Salah ad Din Province.
Certain statements in this news release may constitute "forward-looking information" ("forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "intend", "estimate", "potential", "could", "ongoing", "prospective", "expected" and similar words suggesting future outcomes. By their nature, forward-looking statements are based on current expectations regarding future events that involve a number of assumptions, known and unknown risks, and uncertainties. Actual results, performance or achievements of Sonoro, or the industry, may vary materially from what is expressed or implied by such forward-looking statements.
These forward-looking statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance to be materially different from those we project. These risks and uncertainties include, but are not limited to: (1) risks associated with obtaining, maintaining and the timing of receipt of regulatory approvals, permits, and licenses; (2) uncertainties related to financing of Sonoro's exploration activities and continued operations through access to capital markets; (3) the risk of volatile global economic conditions; (4) continued political stability; (5) continued support from the local communities, (6) operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; (7) the uncertainty of resource estimates, geological interpretations, estimates and projections in relation to production, costs and expenses, and health, safety and environmental risks; (8) the continued ability to obtain qualified staff and equipment in a timely and cost efficient manner; (9) the risk of commodity price and foreign exchange rate fluctuations; and (10) risks associated with the implementation of new technology.
Given these uncertainties, you should not rely on forward-looking statements. These forward-looking statements also represent our estimates and assumptions only as of the date that they initially were made. We expressly disclaim a duty to provide updates to any forward-looking statements, and the estimates and assumptions associated with them, to reflect events or circumstances or changes in expectations or the occurrence of anticipated events after the date they initially were made, except and to the extend required by applicable 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.
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