A ‘new strategic direction’ and a focus on Middle Eastern production acreage

CALGARY, Canada (Aug. 20, 2024)—I am delighted to introduce myself as the newly appointed CEO of Sonoro Energy. I’d like to take this opportunity to share my background and outline the strategic direction the Board of Directors intends to pursue in the coming months.

I was born and raised in Canada and currently reside in the vibrant city of Dallas, Texas. My professional journey spans over 40 years in the oil-and-gas and financial services industries. I hold a BSc in Chemistry from the University of Western Ontario in London, ON, Canada and an MSc in Geology from Dalhousie University in Halifax, NS, Canada.

I began my career in the petroleum industry as a geophysicist with Mobil Oil Canada. Over my 25-year tenure with Mobil, I held various roles of increasing responsibility, including technical, management, and executive positions across Canada, the U.S., Indonesia, the Middle East, and Central Asia. My roles included:

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.

Later in my career, I worked in business development roles in the Middle East for Kuwait Foreign Petroleum Exploration Company and UAE-based Dana Gas. After returning to North America, I served as President & CEO of East West Petroleum, a junior oil and gas company listed on the TSX-V.

Sonoro Energy’s Board of Directors plans to steer the company in a new strategic direction. We have initiated a review of our Saskatchewan heavy oil project to maximize its value. This could result in expanding the production drilling program or considering a sale of the asset.

In the near term, we aim to build shareholder value by acquiring Middle Eastern production acreage with exploration potential. This initiative will not only leverage Board members’ extensive Middle East expertise and established presence in the region, but will also build on our Chairperson’s reputation for community engagement and transparent transactions. Our goal is to replicate and expand upon our past successes.

We believe we can secure attractive acreage at a reasonable cost, and plan to fund these acquisitions and developments through marketing agreements, pre-payments, and project-level equity issues, thereby minimizing company share dilution.

As the Company grows, the Board plans to seek a listing on a major international exchange, which can elevate our share price and attract new, larger investors with substantial institutional support.

We plan to adopt a proactive investor relations strategy. In the mid-term, we intend to appoint an IR professional to enhance our communication efforts, including press releases, attendance at investor conferences, and maintaining an active web presence.

I am excited to lead Sonoro Energy and look forward to ongoing engagement with shareholders. I hope to earn your confidence and support in the coming years.

Thank you.

Greg Renwick