Sonoro Energy Ltd. provides update on Saskatchewan operations

CALGARY, Canada (Oct. 16, 2023)–Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) announces that it has agreed to amend certain terms of its previously announced Farmin Agreement with its farmin partner Superb Operating Company, a wholly owned subsidiary of Proton Technologies Cananda Ltd.

The amendments are intended to allow for a more focused drill program on certain identified lands and to include multi-lateral horizontal wells, all of which is intended to enhance the partnership relationship.

The amendments to the Agreement will extend the deadline for spudding the first vertical well and subsequent horizontal wells in addition to providing for an improved collaboration on the initial and future well programs. Commencement of the drilling is expected in October 2023, subject to regulatory approvals, rig availability and completion of definitive documentation.

Sonoro will provide an update and further details on the entire program, including the revised drilling timetable when completed.

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Sonoro Energy Ltd. announces final approval obtained to commence trading on the TSXV

CALGARY, Canada (Sept. 13, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (NEX: SNV.H, TSXV:SNV) is pleased to announce that the TSX Venture Exchange ("TSXV") has granted final approval for the Company's graduation from the NEX to the TSXV as a Tier 2 Oil and Gas Issuer as at September 15, 2023.

Effective at the opening on Friday September 15, 2023, the trading symbol for the Company will change from SNV.H to SNV.

Sonoro is pleased to also announce that Sonoro Energy Canada Ltd., a wholly owned subsidiary of Sonoro, expects to spud the second well within twenty days from the completion of the first well, which remains on target to be spud before September 30, 2023.

Furthermore, the second well is being evaluated to be designed as a multi-lateral horizontal well potentially providing improved economics and rates along with increased access to recoverable reserves and overall development of the resource. Further details will be announced once finalized.

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Sonoro Energy Ltd. announces closing of private placement, graduation from the NEX to the TSXV, and drilling update

CALGARY, Canada (Sept. 8, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (NEX: SNV.H) is pleased to announce the closing of a non-brokered Private Placement of common share units for total gross proceeds of $1,753,416 and that the TSX Venture Exchange ("TSXV") has granted conditional approval for the Company's graduation to TSXV as a Tier 2 Oil and Gas Issuer, subject to the Company satisfying conditions. Assuming satisfaction of such conditions, it is expected that the graduation from NEX to TSXV will occur on or about Thursday, Sept. 14, 2023.

Each unit of the financing is comprised of one $0.06 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 two years at a price of $0.12 per Common Share. 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 and are subject to TSXV approval. As part of this non-brokered financing, warrants are subject to an acceleration clause. This clause states that if, four months and one day after the warrants are issued, the closing price of the common shares of the Corporation, on the principal market on which such shares trade, is equal to, or exceeds, C$0.15 for 10 consecutive trading days (with the 10th such trading date hereafter referred to as the “Eligible Acceleration Date”), the warrant expiry date shall accelerate to a date 20 calendar days after issuance of a press release by the Corporation announcing the reduced warrant term—provided, no more than five business days following the Eligible Acceleration Date, that, the press release is issued; and notices are sent to all warrant holders.

Proceeds from the private placement will support ongoing activities relating to its previously announced Western Canadian Sedimentary Basin Farm-In Agreement, general corporate purposes and pursuit of international oil and gas opportunities.

Sonoro Energy Canada Ltd., a wholly owned subsidiary of Sonoro, has been granted a license to drill its first well under the farm-in letter agreement by the Saskatchewan Ministry of Energy and Resources and is in the process of lease construction which will then be immediately followed by the arrival of the drilling rig, with anticipated spudding of the well expected prior to Sept. 30, meeting the farm-in agreement condition. Sonoro's management anticipates the well to take 5 days from spud to drilling completion and upon confirmation of the productive formation from wireline logs, Sonoro's management expects that the well will be completed and equipped for production. The second well location has also been selected, surveyed and negotiated with the landowner.

Sonoro has also been advised by TSXV that the proposed 15% rolling stock option plan disclosed in Sonoro's management proxy circular dated Aug. 11, 2023 for its meeting on September 22, 2023 does not comply with TSXV requirements. Therefore, the 15% rolling stock option plan will not be implemented by the Company. Sonoro will be seeking shareholder approval of a 10% rolling stock option plan at a later date and prior to the grant of any stock options under such plan.

Sonoro is pleased to announce the appointment of Richard Wadsworth as Chief Executive Officer of the Company, in addition to his current role as Chairman of the Board, in connection with its graduation from NEX to TSXV. Mr. Wadsworth is a petroleum engineer with over 30 years experience in operations and management internationally. He was a co-founder, director, and President of Bankers Petroleum. Mr. Wadsworth recently led and developed a 55,000 bopd oilfield in Iraq with development planned to 230,000 bopd.

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Sonoro Energy announces financing, provides update on WCSB farm-in

CALGARY, Canada (Aug. 25, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) announces its intention to complete a non-brokered private placement common share/warrant unit financing to support ongoing activities relating to its previously announced Western Canadian Sedimentary Basin (“WCSB”) Farm-In Agreement (the “Agreement”), general corporate purposes and pursuit of international oil and gas opportunities.

Sonoro intends to raise up to CAD$2,000,000 for a total of up to 33.33 million units comprised of one $0.06 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 two years at a price of $0.12 per Common Share. 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.

As part of this non-brokered financing, warrants are subject to an acceleration clause. This clause states that if, four months and one day after the warrants are issued, the closing price of the common shares of the Corporation, on the principal market on which such shares trade, is equal to, or exceeds, C$0.15 for 10 consecutive trading days (with the 10th such trading date hereafter referred to as the “Eligible Acceleration Date”), the warrant expiry date shall accelerate to a date 20 calendar days after issuance of a press release by the Corporation announcing the reduced warrant term—provided, no more than five business days following the Eligible Acceleration Date, that, the press release is issued; and notices are sent to all warrant holders.

As a further update to the Agreement and ongoing operations to commence drilling of the first test well, Sonoro has acquired surface access along with surveys and will be shortly applying to the regulator to license the locations. The drilling program has been finalized, long lead items secured and upon granting of the drilling license, lease construction will commence followed by a drilling rig mobilized to site with spudding of the well expected prior to Sept. 30, 2023 meeting the Farm-In Agreement condition.

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Sonoro Energy provides update on Saskatchewan farm-in

CALGARY, Canada (July 28, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is pleased to update shareholders on progress relating the previously announced Western Canadian Sedimentary Basin (“WCSB”) Farm-In Agreement (the “Agreement”).

Sonoro has provided notice to it’s Farmee partner that it has elected to drill the first well under the Farmin Letter Agreement in Saskatchewan. Such election notice satisfies the election date provisions within the Farmin Agreement.

Sonoro’s newly created Canadian subsidiary, Sonoro Energy Canada Ltd., (“Sonoro Canada”), has been approved by the Saskatchewan Ministry of Energy and Resources (“MER”) to conduct operations in the Province of Saskatchewan. In addition to this approval, Sonoro has also finalized the selection of its first three drilling locations (of the initial 5 well commitment and carry) and has secured the services to survey, acquire surface access, and obtain drilling permit for the first well location. Sonoro has also secured the necessary services required to proceed in the contracting of drilling and completion services for the well with an expected spud date in later half of September 2023 which will satisfy the September 30, 2023 spud date commitment of its first well.

Sonoro will provide further updates as it progresses its drilling program.

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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.

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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.

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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.

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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.

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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.