Sonoro appoints Sara Akbar and Henry Legarre to Board of Directors

CALGARY, Canada (June 21, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is pleased to announce that Sara Akbar and Henry Legarre have agreed to join the Board of Directors of Sonoro Energy Ltd, subject to final TSXV exchange approval.

Sara has over 30 years of experience leading and building oil and gas companies, services and projects in the Middle East and North Africa. Sara is currently the Chairman and CEO of Oil Serv Kuwait, a leading integrated oilfield services company in the Middle East and North Africa region.

Sara Akbar

Sara has been an independent non-executive Board member of Petrofac since 2018, a leading engineering and services provider in energy internationally. She is the Chairperson of the Advisory Board of the business school at the American University of Kuwait, a prior member of the Kuwait Supreme Council for Planning and Development and a former member of the Board of Trustees of Kuwait’s Silk Territory project. Sara also serves on the board of directors of the merchant fund established by ICC.

Previously, Sara was a Chief Executive Officer of Kuwait Energy KSC, which she co-founded in 2005 to leverage the opportunity for an independent oil and gas company in the Middle East, North Africa and Eurasia regions. Sarah holds a BSc in Chemical Engineering.

Henry has over 30 years of experience in the oil and gas sector. Henry has a unique and wide blend of technical, operational, business development, strategic planning, and executive management experience—seed-stage startup to multi-billion-dollar company leadership, technology development and implementation with emphasis in modeling and Heavy Oil. Currently Henry is with Trindade Reservoir Services Inc. where he is part of the executive team developing a new clean-energy-from oil-process, combining EOR and geothermal process in mature fields to increase recovery and creating net zero electricity with no CO2 emissions.

Henry Legarre

Henry is COO and VP of Operations for Quantum Reservoir Impact in Houston (QRI) where QRI brings value creation to its clients through the development of AI & Machine Learning driven technologies. Previously Henry was the COO & MD for Oryx Petroleum Services and Addax Petroleum Services from 2007-2015 where he was responsible for the exploration to development and operations of several fields in Iraq, Nigeria, and the Republic of the Congo.

Henry started his career with Chevron from 1990 in Bakersfield, California working on heavy oilfields which led him with Chevron to Nigeria, Angola, Kuwait, Bahrain, Saudi Arabia, South America and numerous other countries worldwide. Henry holds a MSc and BSc in Geological Sciences.

Mr. Richard Wadsworth, Sonoro Chairman commented: “We welcome Sara and Henry to Sonoro and believe that with their backgrounds and experience in the MENA region, internationally and in heavy oil, along with our strategy of building a low risk base in WCSB and now having our first Farm-in completed, that this positions the Company to strongly pursue transformational opportunities internationally where we collectively have knowledge, experience and success.”

The Company also announces that Bill Marpe has resigned from the Board of Directors; however, he will continue to provide advisory services to the Company as it pursues international opportunities. The Company thanks Bill for his services and support as part of management team in Indonesia and on the Board of Directors for the past eight years.

Further to the Company news release on June 14, 2023, the Company is pleased to report that it has received the release from the debt security holder of the partner company on June 15, 2023 for the Farm-In Agreement in the Western Canadian Sedimentary Basin, thus removing this condition precedent.

View or download the news release in PDF format.

Sonoro Energy provides update on farm-in agreement and trading resumption

CALGARY, Canada (June 14, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is pleased to provide a current update on the previously announced Western Canadian Sedimentary Basin (“WCSB”) Farm-In Agreement (the “Agreement”), with an arms-length third party. Sonoro also advises that the Company’s shares will commence trading again on Monday June 19, 2023.

Under the terms of the Agreement, previously disclosed in our news release dated June 1, 2023, Sonoro will be the operator and earn a 70% working interest in a proven Waseca channel heavy oil resource fairway, subject to Sonoro fulfilling the obligations under the Agreement. In consideration for acquiring the 70% working interest in this 1,840-acre contiguous land block (the “Asset”), Sonoro has committed to drill up to five wells (the “Carry”) funding up to CAD$5 million dollars (on a gross basis) and with the first well scheduled to spud no later than September 30, 2023. After each well, Sonoro earns its 70% interest in the well spacing unit and has a rolling option to elect the next well until the fifth well. Upon completion of the five well Carry, Sonoro will have earned a 70% working interest across the Asset which contains numerous follow up drilling locations given the pervasiveness of the channel sands. After the Carry, further development will be at a 70%/30% working interest split between Sonoro and the counterparty. An Operating Agreement has also been executed between the parties which govern the joint operating procedures. After the final release from the security holder, expected by June 15, 2023, of the counterparty and Sonoro proving it can fund an initial minimum of CAD$2 million by July 31, 2023, the Farm-In Agreement will be deemed closed. As at the date of this news release, Sonoro has not yet began earning the 70% interest under the Agreement.

Sonoro has fully evaluated the Asset, prioritized its first locations, and plans to elect to drill both the initial test well in addition to one additional location upon finalizing the release and having the $2,000,000 of funding in place. Sonoro has recently announced and completed an equity/warrant financing for $500,000 and will raise the additional minimum $1,500,000 via a to be determined funding source which could include a private placement, warrant exercise, advance or loan by individuals/entities or a combination of the sources indicated and all subject to TSXV approval. The completion of the $1,500,000 financing is conditional upon the closing of the Agreement. The test well is scheduled to spud before September 30, 2023. Sonoro has initiated the process of procuring surface lands, a drilling rig and other long lead items in anticipation of spud. As at the date of this news release, Sonoro has not commenced drilling of any wells pursuant to the Agreement.

Sonoro has submitted the Geological Report to the satisfaction of the TSXV and also has submitted an application to graduate to the TSXV, which we anticipate receiving upon finalizing the above-mentioned funding and closing the transaction.

Sonoro also advises that the Selat Panjang PSC in Indonesia has been released to its former partner and all obligations/liabilities associated with the project have been extinguished. This will be reflected in the financial statements at the period ended June 30, 2023.

View or download this news release in PDF format.

Sonoro Energy update on trading halt

CALGARY, Canada (June 7, 2023)—The trading of Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV (NEX): SNV.H) common shares on the NEX was halted on May 31, 2023. As previously announced, Sonoro has recently executed a farm-in agreement on lands in the Western Canadian Sedimentary Basin (“WCSB”). The transaction is deemed to be a Fundamental Acquisition by Sonoro and as a result Sonoro is following TSXV Policy 5.3.

As per TSXV requirements, trading of the shares were halted and will remain halted until receipt of a satisfactory Geological Report in connection with Sonoro's acquisition of the 70% working interest in assets pursuant to the farm-in arrangement is completed, submitted and approved by the Exchange. The report is being prepared by GLJ in Calgary.

Sonoro is in the final stages of completing the Geological Report and will submit the report to the TSXV for their consideration and potential approval of the requirements outlined in Policy 5.3. Submission of such report to the Exchange is expect before June 9, 2023. At the same time, Sonoro has requested graduation of the trading of the common shares back to the TSXV.

Sonoro has requested to the TSXV that trading of the common shares resume subsequent to approval of the Geological Report.

Further updates will be provided if events change.

View or download this news release in PDF format.

Sonoro Energy announces closing of WCSB farm-in agreement

CALGARY, Canada (June 1, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is pleased to report that it has completed the previously announced Western Canadian Sedimentary Basin (“WCSB”) Farm-In Agreement (the “Agreement”), with an arms-length third party, building the first step of the Company’s strategy to build a solid base of production and cash flow in the WCSB. 

Under the terms of the Agreement, Sonoro will be the operator and earn a 70% working interest in a proven Waseca channel heavy oil resource fairway.  In consideration for acquiring the 70% working interest in this 1,840-acre contiguous land block (the “Asset”), Sonoro has committed to fund up to CAD$5 million dollars (on a gross basis) and drill up to 5 wells (the “Carry”) with the first well scheduled to spud no later than September 30, 2023. 

Upon completion of the Carry, Sonoro will earn a 70% working interest in the Asset which contains numerous follow up drilling locations given the pervasiveness of the channel sands.  After the Carry, further development will be at a 70%/30% working interest split between Sonoro and the counterparty, an Operating Agreement has also been executed between the parties which govern the joint operating procedures.

After the final release from the security holder, expected by June 15, 2023, of the counterparty and Sonoro proving it can fund an initial minimum of CAD$2 million by Jul 31, 2023, the Farm-In Agreement will be deemed closed.

This Asset directly offsets an established field which is currently producing over 1,850 bbl/d; having recovered 11 million barrels to date within the same Waseca channel trend. With our team’s heavy oil experience and established cold heavy oil production systems (“CHOPs”) which are proven in this area, Sonoro believes it can drill low risk, low-cost wells and bring on production quickly with area vertical CHOPs type wells IP90 rates of between 60-90 bbl/d. 

A typical newly drilled, completed and equipped heavy oil well is expected to cost less than CAD$750,000 each with payouts estimated to be less than 1 year under prevailing oil prices and heavy oil differentials.  Sonoro has identified the potential for 30 wells to be drilled on 40 acre spacing. 

Furthermore, given the average 17 meters of net pay within this Waseca channel, there is further upside to down space to 20 acre spacing.  The Asset will produce heavy oil which is receiving favorable differentials due to various market conditions and is expected to remain as such with new egress and refining options being made available, in combination with lower-than-average operational costs, the Company expects robust netbacks for the Asset. 

The Company is also in the process of commissioning a third-party resource report for the Asset that would be NI 51-101 compliant.

Read or download the full news release in PDF format.

Sonoro Energy Inc. Closes Financing

CALGARY, Alberta (May 25, 2023) — Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV.H) is pleased to announce that the Company has completed and closed its previously announced non-brokered private placement of common share/warrant unit financing for CAD$500,000, the maximum permitted under NEX regulations.

Each unit consists of one $0.015 common share (a “Common Share”) and one common share purchase warrant (a “Warrant”) of the Company, where each whole Warrant entitles the holder to purchase one Common Share within 12 months at a price of $0.05 per Common Share. A total of up to 33.33 million units will be issued for total proceeds of $500,000. The securities issued in connection with the Offering will be subject to a four month and one day hold period from the date of issuance of such securities.

The Company intends to use the proceeds for funding due diligence, legal and consulting costs and general working capital purposes. Management and Insiders will be subscribing for a portion of the private placement.

Sonoro also announces that it has extended the term of its 5,157,921 warrants priced at 7 and 7.5 cents currently expiring May 26, 2023 and 7,000,000 10 cent warrants currently expiring May 31, 2023. Both tranches of warrants will be extended for one year. The extension is subject to final approval of the TSXV. The Company has also made an application to the TSXV to graduate back to the TSXV.

Sonoro is in the final stages of completing the agreements for the Western Canadian Sedimentary Basin oil and gas project previously announced in a May 1, 2023 press release. If completed, Sonoro will provide further details at this time.

SONORO ENERGY PROVIDES AN UPDATE, STRATEGIC OUTLOOK AND FINANCING

CALGARY, Alberta (May 1, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is in the process of developing a new strategy and action plan to re-engage the Company’s operations that would allow it to advance back to the TSXV regular board. The Company believes it to be beneficial to advise current and future shareholders with an update on this strategy and recent activities.

Our strategy will be to focus on building a diversified portfolio of oil and gas resources through the evaluation, acquisition and development of proven oil and gas resources. Assessment of both domestic Canada and International opportunities is being pursued. Our current focus includes the assessment of opportunities in the Western Canadian Sedimentary Basin (“WCSB”) where we believe we can build a solid base of production and cashflow which can then be leveraged to qualify for International transformational opportunities. Furthermore, we will only venture where we have the experience and team to manage the technical and commercial risks.

The Company has executed a non-binding Letter of Intent (“LOI”), with an arm’s length counterparty, subject to further due diligence, environmental and title review, definitive and closing agreements amongst other conditions for an exciting opportunity in the WCSB, where a proven heavy oil resource fairway and well productivity is well defined. In addition to this, the direct offsetting operator is currently producing ~1,850 bbl/d and has recovered to date 11 million barrels. The LOI involves farming into a 1,840 acre block, where 3D seismic is also available, with the potential of over 30 identified vertical drillable locations given the pervasiveness of the sands. Wells in the same established trend show area type productivity curves estimated IP (Initial Production) rates of 60-90 bbl/d. With our team’s heavy oil experience on cold heavy oil production systems and mechanism (CHOPs) which are proven in the area, we can drill low risk, low cost wells and bring on production quickly.  Sonoro has proposed a 5 well farm-in, carrying the drilling, case and completion costs of the counterparty, to earn a 70% working interest in the farm-in lands and after which the parties will participate in future development at a 70%/30% working interest split between Sonoro and the counterparty. The LOI contains a period of exclusivity which provides Sonoro the ability to satisfy customary conditions for this project.  Once conditions and due diligence are finalized and a Definitive Agreement is signed, the Company will release further information.  

Further to the above opportunities the Company is reviewing a number of opportunities in MENA, South-East Asia and South-East Europe where energy transportation/corridors to Europe are well established. Establishing a solid resource base, production and cashflow as outlined above will improve our chances of capturing these international opportunities.

The Company cannot provide any assurances that it will be able to close any of the opportunities described above.

The Company further announces its intention to complete a non-brokered private placement common share/warrant unit financing to support ongoing activities as described above. Each unit consists of one $0.015 common share (a “Common Share”) and one common share purchase warrant (a “Warrant”) of the Company, where each whole Warrant entitles the holder to purchase one Common Share within 12 months at a price of $0.05 per Common Share. A total of up to 33.33 million units are expected to be issued for total proceeds of up to $500,000. The securities issued in connection with the Offering will be subject to a four month and one day hold period from the date of issuance of such securities.

The Company intends to use the proceeds for funding due diligence, legal and consulting costs and general working capital purposes. Management and Insiders will be subscribing for a portion of the private placement. Any current shareholders or interested parties in the financing are encouraged to contact the Company.

As previously press released, we are exiting the Selat Panjang project due to partner frustration over the past 3-4 years. We have pursued many action plans to continue with the project including government assistance in correcting our partners actions. Documentation is currently in place to release all of our financial obligations currently on our balance sheet as it relates to the project and a clean break is anticipated.