TSX Venture Exchange Symbol: SNV January 5, 2012
Sonoro Enters into Farmout Agreement for its Salah ad Din Asphalt License
Calgary, Alberta - Sonoro Energy Ltd. ("Sonoro" or "the
Company") (TSX-V: SNV) is pleased to announce that the
Company, through its wholly-owned subsidiary, Sonoro Energy
Iraq B.V. ("Sonoro Iraq"), has entered into a Farmout
Agreement (the "Agreement") with Geopetrol International
Holding Inc. ("Geopetrol International") and its subsidiary,
Geopetrol Iraq Corp. (collectively, "Geopetrol").
The Agreement provides for the assignment by Sonoro to
Geopetrol of a thirty percent (30%) participating interest in
the Asphalt License Agreement (the "License") among Sonoro
Iraq, the Al-Salah ad Din Provincial Government (the
"Government") and Berkeley
Petroleum Mesopotamia Asphalts Limited, with Sonoro retaining
a forty percent (40%)
participating interest in the License and operatorship. The
Agreement is subject to certain conditions being completed,
including the approval of the Government and the TSX Venture
Exchange.
Pursuant to the Agreement, Geopetrol will pay to Sonoro an
initial cash payment of US$3,000,000 as partial reimbursement
of past costs and fund the first US$9,000,000 of the costs to
be incurred by Sonoro and Geopetrol in respect of the
License. The Company and Geopetrol intend to use the
US$9,000,000 to conduct drilling operations on the North
Salah ad Din prospect.
Under the Agreement, Geopetrol will also participate in a
private placement (the "Private Placement") for 46,000,000
common shares in the capital of Sonoro at a price of CDN$0.09
per share for aggregate gross proceeds of CDN$4,140,000.
Following the Private Placement, Geopetrol will own
approximately 17.5% of Sonoro's outstanding common shares. In
conjunction with the closing of the Agreement, Sonoro will
also pay to an arm's length third party a finder's fee equal
to three percent (3%) of the total amounts payable by
Geopetrol under the Agreement, with two percent (2%) of such
finder's fee payable in cash and the remaining one percent
(1%) payable in common shares of Sonoro at a price per share
equal to the closing market price of the common shares
immediately prior to the announcement
of the Agreement.
Geopetrol International is part of a privately held group
having combined production of approximately 5,000 barrels of
oil per day from operations in Vietnam, Yemen, France,
Tunisia, Canada and India.
Richard Wadsworth, Sonoro President & CEO said "Geopetrol
brings a wealth of international experience in both the oil
and gas upstream and services businesses as well as bringing
significant financial strength to our partnership. With
Geopetrol we will be looking
to accelerate the drilling of the North Salah ad Din prospect
as well as other identified
prospects in the Salah ad Din Province".
Gaston Rebilly, Geopetrol International's President,
commented "we are pleased to have the opportunity to farm-in
on what we believe is a potential world class resource in the
Salah ad Din Province of Iraq. Sonoro has developed a range
of excellent drilling prospects and we look forward to
working with Sonoro to jointly explore and develop these
prospects".
FirstEnergy Capital LLP acted as exclusive financial advisor
to Sonoro with respect to the
Agreement.
The Company has provided potential drilling services providers with the information necessary to submit a proposal for the drilling of initial wells in the Company's North Salah ad Din prospect and has received offers from interested service providers.
Management Update
The Company is also pleased to announce that Mr. David
Little, MBA, will be joining the Company as Chief Financial
Officer. Mr. Little is the founder and Chairman of Black Stag
Resources Inc., a private Australian oil and gas explorer.
From early 2009 to November
2011, he served as Chief Financial Officer of Gallic Energy
Ltd. In 2002, he founded Avery Resources Inc., an oil and gas
producer and explorer with operations in both Australia and
Canada. In conjunction with his appointment, Sonoro has
granted to Mr. Little 250,000 stock options under the
Company's stock option plan at an exercise price of CDN$0.10.
An additional 100,000 options, at an exercise price of
CDN$0.10 have also been granted to consultants of the
Company.
The Company would like to thank Mr. Lance Mierendorf for his
contributions as Chief
Financial Officer over the past year and wishes him the best
in his future endeavors.
Sonoro is an international oil exploration and development company. Our current focus is resource exploration and development in Iraq. We have initiated the evaluation of resource opportunities within our asphalt (heavy oil) license agreement, and new interests for conventional oil and gas exploration are being pursued in the Salah ad Din Province in the Republic of Iraq.
Forward Looking InformationThis press release contains forward looking information, including but not limited to planned exploration at Sonoro's North Salah ad Din prospect (NSD). The forward looking information is based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated.
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These risks include, but are not limited to risks associated
with the oil and gas industry (e.g. operational risks in
development, exploration and production delays or changes in
plans with respect to exploration or development projects or
capital expenditures; the uncertainty of resource estimates;
the uncertainty associated with geological
interpretations; the uncertainty of estimates and projections
in relation to production, costs and expenses and health,
safety and environmental risks), the risk of commodity price
and foreign exchange rate fluctuations, risks associated with
the implementation of new technology, risks associated with
obtaining, maintaining and the timing of receipt of
regulatory approvals, permits, and licenses, uncertainties
relating to access to capital markets, in-country political
risks and the risk of volatile global economic
conditions.
Due to the risks, uncertainties and assumptions inherent in
forward looking information, prospective investors in the
company's securities should not place undue reliance on
forward looking information. Forward looking information
contained in this press release is made as of the date hereof
and are subject to change. The company assumes no obligation
to revise or update forward looking information to reflect
new circumstances, except as required by law.
For further information please contact:
RICHARD WADSWORTH
PRESIDENT & CEO
+1 403.262.3252
info@sonoroenergy.com www.sonoroenergy.com
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Jan 5, 2012 Sonoro Enters into Farmout Agreement for its Salah ad Din Asphalt License |