Sonoro Energy announces Heads of Agreement with IPR Energy Group

CALGARY, Canada (Nov. 25, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV) is pleased to announce the signing of a Heads of Agreement (HOA) with IPR Energy Group, a leading global energy company based in Irving, Texas, USA.

Under the terms of the HOA, Sonoro Energy and IPR Energy Group will collaborate to evaluate known oil accumulations expected to be made available through Iraqi government licensing bid rounds and/or direct negotiations. The two companies will enter a joint study and bid agreement, with the goal of securing oil assets where significant production increases can be achieved through further field development and the application of advanced technologies.

Initially, the focus of the HOA will be on acquiring producing assets in Iraq. The agreement also lays the groundwork for expanding future collaboration across the Middle East and North Africa (MENA) region.

IPR Energy Group brings over four decades of experience in the oiland-gas industry, offering a range of services from consulting and field services to exploration and production (E&P). IPR’s consulting division specializes in optimizing petroleum assets, while its field services group provides the essential technologies for enhancing production, and drilling/workover rig services. IPR’s E&P team is responsible for discovering and developing new producing assets, and the company holds a significant operated and non-operated position in Egypt.

Greg Renwick, CEO of Sonoro Energy, commented: “This agreement is a significant milestone for Sonoro Energy, aligning us with a highly qualified operator while leveraging our expertise, industry and government relationships in order to create value for our shareholders.”

This is the second strategic relationship announced by Sonoro this month in the region. The Company is encouraged by the multiple opportunities being assessed in addition to its independent activities in Western Canada.

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Sonoro Energy signs Heads of Agreement with TransAtlantic Petroleum LLC to explore production opportunities in Iraq

Focus: Securing licenses for undeveloped or underdeveloped oil fields, boosting production

CALGARY, Canada (Nov. 20, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV) is pleased to announce the signing of a Heads of Agreement (“HOA”) with TransAtlantic Petroleum LLC, a privately owned energy company headquartered in Dallas, Texas, USA. This strategic partnership marks a significant step forward in Sonoro’s expansion within the Middle East and North Africa (“MENA”) region.

Under the terms of the HOA, Sonoro Energy and TransAtlantic Petroleum (https://www.transatlanticpetroleum.com/) will collaborate closely to identify and evaluate production investment opportunities in Iraq. These opportunities are expected to arise through licensing bid rounds and/or direct negotiations facilitated by Iraq’s Ministry of Oil. The focus will be on securing production licenses for undeveloped or underdeveloped oil fields with the potential to significantly increase production.

Once a production license is awarded, the two companies plan to establish a joint operating company (“JOC”). The JOC will be dedicated to advancing oil production from these accumulations, leveraging both companies’ expertise to optimize field development and increase production in a cost-effective and sustainable manner. This collaboration combines Sonoro Energy’s local knowledge and relationships with TransAtlantic Petroleum’s robust technical capabilities and operational experience.

TransAtlantic Petroleum has extensive international upstream experience in Eastern Europe and in Turkey, where it is actively deploying unconventional North American technology using 3D seismic data, horizontal and directional drilling, and hydraulic fracture stimulation to develop oil and natural gas reserves.

This partnership represents a significant milestone for Sonoro Energy as it strengthens its presence in the MENA region, one of the world’s most important oil-producing areas. By aligning with TransAtlantic Petroleum, a company with extensive international experience and production in the oil and gas sector, Sonoro is positioning itself for continued growth and success.

Sonoro Energy is enthusiastic about the prospects of this partnership and looks forward to advancing discussions with the Ministry of Oil to explore and secure production opportunities in Iraq.

Sonoro also advises that under the terms and conditions of CEO Greg Renwick’s employment agreement, the Company would issue Mr. Renwick 500,000 common shares of the Company at a deemed share price of 10 cents per share. Issuance of these signing bonus shares remains subject to TSX Venture Exchange approval.

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Sonoro Energy enters into farm-in agreement in Alberta, provides MENA update

CALGARY, Canada (Oct. 30, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV) is pleased to announce that it has entered into a Farm-In Agreement (the “Agreement”) with Badlands Resources Ltd. to explore for oil in southern Alberta.

Through this agreement, Sonoro will earn a 100% working interest in a 2,240-acre land package by drilling an exploratory well. The acquired acreage encompasses several promising geological structures that have been carefully identified and mapped with high-resolution 3D seismic data. These targeted formations lie at an approximate depth of 1,300 meters and are known to produce high-quality oil in the region. Notably, the area has limited exploration activity, enhancing the potential for new discoveries.

In the event of a successful discovery, Sonoro plans to strategically expand its land holdings to include additional nearby anomalies with similar geological profiles. This expansion would allow the Company to further leverage the de-risked nature of these prospects, optimizing the prospect inventory and potentially enhancing production volumes across a larger land base. This Agreement represents a significant step for Sonoro in its efforts to strengthen its asset portfolio and capitalize on untapped resources within Alberta’s oil-rich landscapes.

Sonoro will be providing an update regarding its specific activity in the Middle East North Africa (“MENA”) region shortly. The Company has progressed its development activities in Iraq and Libya and will update shareholders accordingly.

Sonoro’s well in Saskatchewan continues to generate oil and provide production for the Company. The Company is considering various alternatives for the operations in Saskatchewan.

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Sonoro Energy Ltd. introduces new Chief Executive Officer and Director

Greg Renwick has more than 40 years’ experience in global petroleum executive and technical leadership roles; Sara Akbar to take a more active role as Sonoro’s new Chairman of the Board

CALGARY, Canada (July 29, 2024)—Sonoro Energy Ltd. ("Sonoro" or the “Company”) (TSXV:SNV) is pleased to announce that Mr. Greg Renwick is joining the Company as President and Chief Executive Officer and a Director of the Board effective Aug. 1, 2024.

New Sonoro Energy CEO and Director Greg Renwick.

Mr. Richard Wadsworth will step down as a Board member and Chief Executive Officer for personal reasons. Mr. Wadsworth will continue to support the Company in an advisory capacity to progress opportunities domestically and in the MENA region.

Ms. Sara Akbar will assume the position of Chairman of the Board of Directors. Ms. Akbar has been a Director of Sonoro since June 2023 and will be taking a more active role in the Company as a result of her new position at the Company.

Mr. Renwick is a seasoned global petroleum executive with over 40 years of experience in both technical and executive leadership roles. His diverse background encompasses positions in junior oil companies, major international petroleum firms, government advisory roles, and U.S. investment banking.

Mr. Renwick began his petroleum career as a geophysicist with Mobil Oil Canada. During his 25-year tenure with Mobil, he held a variety of roles, including technical, technical management, executive management, and business development positions in Canada, the U.S., Indonesia, the Middle East, and Central Asia. His assignments included serving as Geophysical Manager in Canada and the U.S., Exploration Manager in Indonesia, Vice President of Business Development for the CIS, Manager of Financial Analysis for Mobil’s E&P Division, and General Manager of Mobil Oil Turkmenistan.

Mr. Renwick has extensive experience in the Middle East, having held management and advisory positions with Kuwait Foreign Petroleum, Dana Gas PJSC, and Centurion Petroleum International. He also served as President and CEO of East West Petroleum, a publicly traded upstream oil firm in Canada. Additionally, he has held executive and non-executive board positions with East West Petroleum, North American Oil and Gas, and TransAtlantic Petroleum. His recent activities include business development advisory roles for Trident M&A Advisors, a U.S. investment bank, and Fusematic Corporation.

Mr. Renwick holds a BSc in Chemistry from the University of Western Ontario and an MSc in Geology from Dalhousie University in Halifax, Canada. He and his family reside in Dallas, Texas.

Mrs. Sara Akbar, Chairman of the Board stated “We at Sonoro are pleased to welcome Mr. Renwick to the Company and to renew my working relationship with him in the MENA region. Greg brings many years of oil and gas experience in North America and internationally that will be extremely helpful for the success at Sonoro.   The Company also thanks Mr. Wadsworth for his contributions to Sonoro wishing him success in his future endeavors and looks forward to working closely with him in an advisory role to support the corporate strategy and growth plans.”

Operationally, the Sonoro 14-29 multi-lateral well in Saskatchewan has stabilized and further optimization is ongoing with the revised operational adjustments. Production to date for the month of July is more than double that from previous months and further illustrates the economic viability of this project.

The MENA opportunity previously announced continues to progress. Key hurdle milestones are expected to be achieved in the near-term of which the Company will provide further detail if and once completed.

Sonoro also announces that 3 million incentive stock options have been granted to management and directors, pursuant to the Company’s Stock Option Plan, at an exercise price of $0.075 with an expiry date of July 29, 2029 subject to the approval of the TSX Venture Exchange. Following this grant, the Company has a total of 12.75 million stock options outstanding.

The management changes above are subject to TSX Venture Exchange approval.

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Sonoro Energy provides update on operations in Saskatchewan, activities in MENA region

Pump change on 14-29 well further improves oil production; MENACo submits proposal for initial 18-well project for a MENA national oil company

CALGARY, Canada (July 2, 2024)—Sonoro Energy Ltd. ("Sonoro" or the “Company ”) (TSXV:SNV) is pleased to provide shareholders an update on operations in Saskatchewan and activities in the MENA region.

In Saskatchewan, Sonoro continues to produce oil after recently performing a pump change to improve downhole lifting efficiencies for enhanced oil production. This optimal pump size eliminates the continuous recycle while maintaining the option to perform periodic well flushes to ensure continuity of the CHOPS process and expected production improvements.

Subsequent to this pump change, the well has averaged production of 91 barrels of oil per day since the we performed the workover, an estimated initial increase of over 30% from our previous average production rate for the first half of June. The Company will continue to focus on optimizing drawdown and oil production at the site.

Further to our farm-in partner in Saskatchewan, Superb Operating Company Ltd. (“Superb”) announcing a sales process for their oil and gas properties which includes lands under our Farm-In Agreement, we look forward to this concluding and proceeding with our operations to progress the next multi-leg multi-lined horizontal well. 

In MENA, the Company had previously announced a proposed share transaction with MENACo, as per Company news release on June 3, 2024, whereby MENACo has signed Oil and Gas Well Management and EPC Master Services Contract (“MSA”) with a national oil company.

MENACo has advanced its review and study of various shut in wells and EPC projects and has submitted a technical proposal for an initial 18-well intervention and flowline project. MENACo anticipates that the technical and commercial aspects will be approved in the near term such that works may commence shortly with the first work order planned to produce over 16,000 bopd, for the national oil company, within a period of 3-4 months.

MENACo and Sonoro are also advancing the final documentation amongst MENACo shareholders and final Agreements for the transaction. The proposed transaction will also be subject to all applicable TSX Venture Exchange approvals.

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Sonoro Energy enters into MOU to acquire 20% interest in a MENA company

UAE-based MENACo provides well management, engineering, procurement, construction services in MENA region

CALGARY, Canada (June 3, 2024)—Sonoro Energy Ltd. ("Sonoro" or the “Company”) (TSXV:SNV) is pleased to announce that it has entered into a non-binding memorandum of understanding (the “MOU ”) to acquire, directly or indirectly through a subsidiary, shares representing 20% of the issued capital of a company existing under the laws of the United Arab Emirates (“MENACo”), which is engaged in providing well management and engineering, procurement and construction (“EPC”) services (the “Services”) in the MENA region (the “Proposed Transaction”).

Pursuant to the terms of the MOU, Sonoro intends to acquire 20% of the issued capital of MENACo from its shareholders, in exchange for an aggregate 40,000,000 common shares in the capital of Sonoro (“Sonoro Shares”) at a deemed value of $0.12 per share. A definitive agreement (the “Definitive Agreement ”) for the Proposed Transaction will provide for the transaction to be subject to all applicable TSX Venture Exchange, regulatory and shareholder approvals.

MENACo is a party to a master service agreement (the “MSA”) with a national oil company providing for Oil and Gas Well Management and EPC Services. The MSA has an initial term of 5 years in respect of existing oil and gas fields currently producing over several hundred thousand barrels of oil per day (”bopd ”) and, among other things, its purposes is to support the state entity in achieving its objective of increasing area production by over 100,000 bopd. The parties are pursuing this objective through: (i) well re-activation/workover/re-entry of shut-in/suspended wells; (ii) EPC projects for the replacement/improvement of associated facilities and infrastructure; and (iii) sub-surface and reservoir optimization studies, operational enhancement, maintenance and training of local personnel and other ancillary support activities.

After giving effect to the Proposed Transaction, it is expected that the MENACo shareholders will collectively hold 15.2% of the issued and outstanding Sonoro Shares. The Company does not expect any new insiders to be created as a result of the Proposed Transaction.

Richard Wadsworth, Chief Executive Officer of Sonoro commented, “We are excited with Sonoro’s participation in MENACo, establishing a MENA country entry position in the oil and gas sector along with key relationships with major stakeholders. Directly and indirectly, Sonoro intends to support MENACo with key well management personnel applying our experience in the upstream oil and gas production and development areas to further support the national oil company in reaching their objectives.”

Sonoro will announce additional details regarding the Proposed Transaction when a Definitive Agreement is executed, expected in Q2 2024, although there can be no assurance that the parties will successfully negotiate and enter into a Definitive Agreement, or that the Proposed Transaction will be consummated on the terms or timeframe currently contemplated, or at all.

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Sonoro Energy responds to proposed property divestiture

CALGARY, Canada (May 31, 2024)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) announces that the Company is aware of the proposed sale by its farmin partner Superb Operating Company Ltd. (“Superb”) of certain oil interests located in Saskatchewan.

Further to its news release dated October 30, 2023, the Company and Superb are parties to a farmin agreement, as reinstated and amended (the “Agreement”), pursuant to which Sonoro has earned and may continue to earn a 70% interest in certain properties located within Saskatchewan’s Western Canadian Sedimentary Basin.

Sonoro is in the process of assessing the proposed divestiture and will pursue continued compliance with the terms of the Agreement. The Company will provide updates as and when warranted.

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Sonoro announces results of its Annual and Special Meeting

CALGARY, Canada (May 23, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSX-V: SNV) announces the results of its annual and special meeting of shareholders held May 21, 2024, All Directors and resolutions relating to the appointment of auditors, share option plan and restricted share unit plan were approved by shareholders.

A total of 68,771,736 of the 223,334,075 Sonoro common shares outstanding, representing 30.8% participation, were voted by proxy with the following results below.

The Company is pleased with the results of the shareholder vote and appreciates the continued support for the Board and strategic direction for the Company.

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Sonoro Energy reports first oil sales from Saskatchewan well

Production continues to ramp up consistent with CHOPS heavy oil production typical of the area

CALGARY, Canada (Feb. 29, 2024)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that first oil sales have been completed in Saskatchewan from our 14-29 well.

Sonoro has two storage tanks totaling 2,000 barrels at the 14-29 location. The tanks were close to full with product typically associated with the early production phase from the process known as Cold Heavy Oil Production with Sand (CHOPS). The storage tanks have been emptied and production continues to ramp up consistent with CHOPS heavy oil production typical in the area. Daily production volumes have been increasing, and Sonoro will define the production profile when it stabilizes. CHOPS production in the area is characterized as follows.

Cold heavy oil production with sand (CHOPS) involves the deliberate initiation of sand influx during the completion procedure, maintenance of sand influx during the productive life of the well, and implementation of methods to separate the sand from the oil for disposal. A liner with a small open hole was used to maintain hole stability while still encouraging sand worm holing. The sand is produced along with oil, water, and gas and separated from the oil before upgrading to a synthetic crude.

CHOPS wells display wide variations in their production histories. CHOPS production depends on the range of factors discussed in CHOPS production rate increase mechanisms, CHOPS physical mechanisms, and CHOPS operational and monitoring issues; however, the major aspects of a “typical” CHOPS well include the following factors:

• When a new well is completed, initial sand influx is large: 10 to 40% of the volume of the (gas-free) produced liquids and solids.

• Over a period of a few days to several months, the sand rate gradually decays toward a steady-state influx rate (0.5 to 10%), depending on oil viscosity.

• The oil production rate increases to a maximum several months or more after placing the well on production, and then slowly declines as reservoir-depletion effects begin to dominate.

• All CHOPS production is accompanied by substantial gas production, and gas/oil ratio values tend to remain relatively consistent over many years.

• Short-term sand influx rates and oil production rates fluctuate chaotically about the mean value.

Sonoro is pleased with how the well has performed to date and is analyzing the well results with its partners, further interpreting the seismic data and assessing other key data points for selecting and executing on the next drilling location in Saskatchewan.

Sonoro is closely monitoring when spring break-up will occur this year, which is difficult given the unusual weather patterns in the area to date. Spring break-up, and the period associated with it, prohibits heavy road use and drilling activities in the area, and typically runs between mid-March into May.

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Sonoro Energy Ltd. provides update on Saskatchewan operations and development opportunities in MENA

CALGARY, Canada (Feb. 5, 2024)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV)  hereby provides an update on the recently completed initialized production of the 14-29-32-23 W3 well in the WCSB. Since commencement of production, the well has exhibited CHOPs, Cold Heavy Oil Production with sand, producing foamy oil with greater than 10% sand cuts and high initial gas pressures. The oil density was tested as 10.33 API and viscosity at 30° Celsius of 12,596, which further confirms a positive window for oil sand production and wormhole creation from the slotted liners.

Upon completing the well in January, Saskatchewan encountered extreme cold weather conditions (reaching -55°C at the wellsite), which created a back log of flushbys and coil services work that the well required to manage sand production. On several occasions the issue was rectified, but without quick response services this eventually resulted in an expected blown drain and the well requiring a service rig. Sonoro’s expectation for optimal productivity of this well remains unchanged once the sand cuts reduce, wormholes have been created and the well has cleaned up.

The Company has ordered a service rig for required clean-up operations. This operation has been slightly delayed due to the backup of rig availability as a result of warm weather that created short-term road bans/closures in Saskatchewan. Sonoro expects that the well will be serviced and placed back on production within the next week.

In addition, Sonoro is making additional improvements with a recycle injection string to ensure continuous flow and velocity to produce oil and sand to surface in an optimum manner.

Sonoro will continue to evaluate this well as oil is produced and make design changes to the next multilateral well to further optimize the drilling and completion of that next well. A Joint Technical Committee has been formed with the Farmor to commence planning and for the coordinated exploitation of the Farm-In land base for the next multilateral lined horizontal well.

In matters regarding our previously stated evaluation of opportunities in the Middle East and North Africa (MENA) region, the Company has continued meetings in the region, and are in discussions with various parties to advance these select opportunities with no guarantees that these will or will not be concluded.

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Sonoro Energy Ltd. commences first production from 14-29-32-23 W3 well

CALGARY, Canada (Jan. 11, 2024)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce the commencement of production and positive results at its recently drilled 14-29-32-23 W3 well.

The multilateral horizontal well was run on production at 19:00 on Jan. 10, and over an 11-hour period has produced at an equivalent rate of 178 bbl/d of fluid. The well is currently producing at this rate with a strong volume of casing gas and abundant fluid level in the well.

Field staff are attending to the well hourly, and the well is being remotely monitored with a SCADA system that was installed during completion operations. The pump was started at the lowest speed corresponding to the fluid rate currently observed. The Company is in the process of taking initial samples to determine the oil percentage of the produced fluids.

Sonoro plans to optimize production rates by methodically increasing pump speeds and drawing down the fluid level as we aim to achieve the total production rates previously stated. Based on these initial results, Sonoro’s expectations remain the same in terms of timing for cleanup and optimized production rates.

David Leung, Sonoro’s Chief Operating Officer, comments: “We are pleased with these initial results and want to commend the field staff for achieving first production and maintaining operations in a safe manner while under the current extreme weather conditions. We will continue to diligently monitor and optimize the well during this initial start-up phase. We are encouraged by the rates of fluid and gas along with abundant fluid level, which validates the good reservoir deliverability that we expected.”

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Sonoro commences completion operations in Saskatchewan, closes full exercise of warrants

CALGARY, Canada (Jan. 4, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) is pleased to announce the commencement of final lease and facilities construction towards achieving oil production at its recently drilled 14-29-32-23 W3 well.

Sonoro has acquired all related surface and downhole equipment required to complete and place the well on production. Surface facility and lease access construction has commenced and the service rig is scheduled for the week of Jan. 9, 2023, at which time the downhole pump, tubing and rods will be installed to facilitate oil sales. Initial oil production rates are expected to continually improve as the well cleans up as the sand cuts decline.

This is standard for Cold Heavy Oil Production (“CHOPs”) strategy with sand production being deployed. Personnel and services have been secured to effectively optimize the well in accordance to industry leading CHOPs operations.

 Sonoro also announces that, further to its Dec. 12, 2023 news release, the Company successfully completed the acceleration of all 33,333,331 C$0.05 common share purchase warrants (the "Warrants") issued pursuant to its May 2023 private placement of units.

Sonoro had the right to accelerate the expiry date of the Warrants in the event that the price of Sonoro’s common shares equaled or exceeded C$0.10 per share for ten (10) trading days (the “Acceleration Event”).

Sonoro announced that the Acceleration Event occurred and the expiry date of the Warrants was accelerated to Jan. 2, 2024, being twenty (20) days after the date of the notice. Total proceeds from the warrants yielded C$1,666,667.

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Sonoro rig releases after successful execution of multilateral, multilined horizontal well in Saskatchewan

Strategic technological advancement developed alongside Modern Wellbore Solutions allows for slotted liners at multiple junction points

CALGARY, Canada (Dec. 27, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that it has rig released the 14-29-32-23 W3 well, and successfully installed liners into two of the four lateral sections of the horizontal well as planned and under budget.

Sonoro’s strategy for the installation of slotted liners into multiple horizontal legs is one of the first of these types for primary heavy oil multilateral horizontal wells in the Lloydminster/southwest Saskatchewan region. The liner design allows for Cold Heavy Oil Production with Sand (“CHOPS”)-type exploitation, allowing for enhanced primary production of this Waseca reservoir as compared to a single lined heavy oil horizontal well.

Preliminary strip log and sample reports indicate that the Waseca sands encountered in the lateral sections of the 14-29 well were very good, with intergranular porosity sandstone exhibiting strong petroliferous odor and abundant oil staining, along with heavily concentrated oil cut drilling fluid recovered at surface. While drilling the lateral sections, Sonoro deployed the use of gamma ray and induction logging while drilling to ensure that the horizontal well is situated in the uppermost section of the Waseca zone, which has been confirmed based on offset logs that indicate over 15 meters of productive Waseca oil-bearing sand.

Sonoro also announces that this innovative multilateral horizontal well technology utilized in the 14-29 well was developed in collaboration with Modern Wellbore Solutions, which grants Sonoro further priority access. This strategic advancement of technology has now been proven to enable the installation of slotted liners at multiple junction points within a single well, allowing for unparalleled access to multiple reservoir sections from one vertical well bore.

This capability surpasses traditional single-leg horizontal drilling methods, which limit to hanging just one slotted liner per well. By leveraging this technology, Sonoro expects enhanced production rates and recoverable reserves, cost savings, and a reduction in our carbon footprint. The technology will provide Sonoro with a competitive advantage in the Western Canadian Sedimentary Basin and internationally in the Middle East and North Africa region where we are evaluating opportunities.

Sonoro has finalized the design of the 14-29 surface lease facilities and downhole equipment, confirmed delivery of all long lead items and anticipates first production from the well in the second half of January. In conjunction with initial oil sales, Sonoro is working with third-party marketing firms to obtain optimal pricing for the produced products.

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Sonoro Energy Ltd. completes four multilateral horizontal legs with approximately 1,600 meters of horizontal section

CALGARY, Canada (Dec. 21, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to provide an update for the drilling of 14-29-32-23 W3 well in Saskatchewan, whereby it has finished the drilling portion of its first Waseca multilateral horizontal well with 4 horizontal legs for a total lateral length of approximately 1,600 meters. The Waseca formation was encountered structurally as expected and during the drilling of the four lateral sections, each lateral encountered clean sands with strong oil shows at surface and in abundance on the chip samples recovered.

The first of two slotted liners has been successfully set. A second liner is expected to be run in the next 24 hours demonstrating a new technology to place multiple slotted liners into two separate legs of a multilateral horizontal well. The ability to hang slotted liners into multiple horizontal legs within one well can provide the ability to achieve step rate increases in production rate and recoverable reserves.

Sonoro anticipates the rig release of this horizontal well on Dec. 22, 2023 and has initiated the planning for completing, procuring, and equipping this horizontal well. It is anticipated that with the holidays and lead time for equipment and a completion rig, the well will be brought on production in the second half of January, with oil sales to occur shortly thereafter.

Sonoro is simultaneously in the process of planning to drill its next multilateral horizontal well with the inclusion of multiple lined horizontal and lined sections into its design plan.

Sonoro’s CEO Richard Wadsworth comments, “We are very pleased with the results of Sonoro’s first multilateral horizontal well and our ability to achieve this milestone along with the strong oil shows seen in each lateral. We are enthusiastic to have this well placed on production to see an expected higher well productivity resulting from this reservoir, multilateral well strategy and technology.”

The Company will provide a full update of the well results subsequent to rig release.

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Sonoro Energy provides update on Saskatchewan well

CALGARY, Canada (Dec. 15, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that the 14-29-32-23 well has been drilled to the intermediate casing point. The well has been drilled 2 meters into the Waseca formation which was encountered structurally as expected with abundant oil returns seen over the shaker. Clean Waseca Sandstone chip samples were recovered having a strong fluorescence and oil staining.

Sonoro is now in the process of cementing the intermediate casing after which the first of four horizontal legs will be drilled into the Waseca sand, drilling to date has been safely conducted on budget and within the timeframe scheduled.

While these preliminary indications are positive, the results to date can not be relied upon for determining if the drilling results are determined as successful for economically viable production of this well.

The Company will make further announcements as appropriate.

Richard Wadsworth, CEO, commented: “Encountering the Waseca sand as expected confirms our 3D seismic interpretation and increases our confidence in the success of extending the laterals into the structural high of the formation.”

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Sonoro Energy spuds multilateral horizontal well in Saskatchewan, accelerates warrants

Site of Sonoro’s second well, about 1.5 km away from the company’s first vertical development well near Kerrobert, SK.

CALGARY, Canada (Dec. 12, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV)  is pleased to announce that it has spud the 14-29-32-23 well near Kerrobert, Saskatchewan, The well is planned as a multi-lateral well to be drilled on a structural high, targeting Waseca sands and extending up to 700 m from the intermediate casing point. Sonoro is deploying Rig 184SS, a super single rig operated by Precision Drilling. The well is intended to reach targets within two weeks.

Sonoro also announces that it is accelerating the expiry date of all outstanding common share purchase warrants related to its May 25, 2023 private placement. The Warrant conversion may be accelerated by the Company if the shares equal or exceed 10 cents per share for 10 trading days.

This requirement has been met and the Company will accelerate the warrants as at Dec. 12, 2023. Holders of these five cent warrants must exercise within 20 days or by Jan. 2, 2024. All warrants are fully transferable and warrant holders will be advised via email of the acceleration.

As of Dec. 12, 2023, a total of 26,319,999 warrants are outstanding.

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Sonoro Energy announces schedule for multilateral horizontal well in Saskatchewan

CALGARY, Canada (Nov. 30, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that the next well on the Kerrobert, Saskatchewan project is planned to be spud in mid-December 2023. The well will be a multi-lateral well located approximately 1.5 km away from the recently drilled vertical well, with 4 lateral legs, targeting Waseca sands structurally higher and extending up to 700 m from the intermediate casing point. 

The final well design is complete with operational plans in place, which include the interpretation of 3D seismic, final licensing of the well and site preparations to commence shortly to meet the anticipated spud date.

Further updates will be provided as activity progresses.

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Sonoro Energy Ltd. Commences Drilling First Well

CALGARY, Canada (Nov. 16, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) is pleased to announce that it has commenced drilling the 11-30-32-23W3 well in Kerrobert, Saskatchewan.

The vertical development well is currently being drilled to a planned total depth of approximately 900 metres. The well is targeting the Waseca channel sand, which has been extensively delineated in this area. This is the same channel sand in which lies Baytex’s Kerrobert field that is producing over 1,800 bbls/d and directly offsets three Baytex wells that have produced over 252,000 barrels of oil. The well presents a low-risk, step-out location that can be immediately brought into production. Completion operations are expected to commence immediately after rig release with subsequent oil sales occurring shortly afterwards.

Sonoro is also in the process of preparing the second location, which would represent its first multileg horizontal well and expects to license this well once surface land is acquired.

The Company will make further announcements as appropriate.

Richard Wadsworth, CEO, commented: “Commencement of drilling signifies an early milestone in Sonoro’s strategy to establish cashflow for the Company in a demonstrated low cost region in Saskatchewan. Our objective is to drill a subsequent multi-lateral horizontal well shortly thereafter applying new technology and further proving our capabilities to improve productivity and reserves with the potential to then leverage this to opportunities being reviewed in the MENA region.”

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Sonoro Energy Ltd. secures drilling rig and regulatory approval for its first well

CALGARY, Canada (Nov. 6, 2023) – Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that it has received the well license from the Saskatchewan Minister of Energy and Resources to commence drilling on the first Saskatchewan drilling location, which will be a vertical well as originally planned.

Sonoro has secured a drilling rig and services for this well with an intended spud date of Nov. 22, 2023.

The vertical well is targeting the Waseca formation that lies in the same channel that offsets Baytex’s Kerrobert field that is producing over 1,800 bbls/d and specifically offsets three Baytex wells that have produced over 252,000 barrels of oil.

A second well location has been selected and will be developed with a multi-lateral well to be drilled immediately after the vertical well. The well will utilize the same drilling rig to minimize mobilization costs and time. The multilateral horizontal well is engineered to have approximately 2,000 meters of lateral extensions from four horizontal legs utilizing drilling technology advancements allowing for multiple lined and open-hole sections. Other heavy oil operators have seen increases in initial production rates from multiple open-hole laterals of up to 100 to 300%. Both wells are planned to be completed and equipped for production following the release of the drilling rig, with the anticipation of first oil sales before the end of the year.

With the successful application of deploying these technologically advanced drilling techniques and tools, Sonoro plans to extend the technology to the next multi-lateral wells on the Farm-In Agreement lands and leverage this capability to our ongoing pursuits of opportunities in North Africa and the Middle East.

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Sonoro Energy Ltd. to resume Saskatchewan drilling program

CALGARY, Canada (Oct. 30, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) is pleased to announce that it will resume operations at its Saskatchewan project pursuant to completion of an amended Farmin Agreement which has now been executed with its farmin partner Superb Operating Company (“Superb”).

The Farmin Agreement reflects the Company’s new multilateral horizontal well development strategy and accelerated development schedule intended to take advantage of higher commodity prices while improving the expected economics and ultimate recoveries per well, assuming success.

The Farmin Agreement retains approximately 72% of the original lands, all of which are focused on areas where development can be accelerated. To that end, the Company will form a technical team with Superb to ensure that each new well is spudded within 60 days of rig release on the previously drilled well.

The Company has confirmed rig availability in order to spud the first well prior to Nov. 30, 2023. This multilateral horizontal well development strategy is planned to utilize recent drilling advancements allowing for additional lined horizontal sections and additional open hole laterals, with the first well to contain a total of 4 horizontal legs that have allowed other heavy oil operators to see up to 100-to-300% increases in initial production rates and recovered reserves.

The Company intends to deploy technologically advanced techniques and tools that can also be used in respect of the Farmin Agreement lands and on prospects that the Company continues to pursue in North Africa and the Middle East.

Mr. Richard Wadsworth, Sonoro’s Chairman and CEO, commented: “We are pleased to be accelerating our Saskatchewan drilling plans while solidifying our partnership with Superb. What excites me the most is the application of new multi-lateral technology and the applicability and credibility this brings to the other opportunities we are working on internationally. With the rig being mobilized as quickly as possible and the first vertical well and multi-lateral well being planned to be drilled back to back, we believe Sonoro is entering an exciting stage of transformation.”

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