TSX Venture Exchange Symbol: SNV
CALGARY, Aug. 21, 2012 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV) is pleased to announce that it has engaged Mr. Ray Irvine, based in Vancouver, B.C., to provide investor relations and shareholder communications effective immediately. In consideration for his services, the Corporation has agreed to pay Mr. Irvine a monthly fee of $5,000 for an initial term of 12 months, subject to the Company's right to terminate the retainer upon 30 days' notice. Also, the Company has granted Mr. Irvine 250,000 stock options at an exercise price of $0.10 per share, with vesting in accordance with the Company's stock option plan and TSXV policies and exercisable over a five year term.
Mr. Irvine does not have any interest, direct or indirect, in Sonoro's securities other than the grant of stock options (above), and does not have any right or intent to acquire such an interest.
Sonoro is an international oil exploration and development company. Our current focus is on asphalt (heavy oil) resource exploration and development in Iraq. Sonoro has initiated the evaluation of resource opportunities under our Asphalt License in the Salah ad Din Province.
Sonoro plans to drill exploration wells on the North Salah ad Din ("NSD") and Sherqat prospects in the Salah ad Din Province in the Republic of Iraq. An initial program to develop NSD and Sherqat and a further exploration program, including extensive sub-surface data acquisition in the Salah ad Din Province, have been developed and are planned to be executed following the above exploration drilling program.
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:
Chairman and CEO