TSX Venture Exchange Symbol: SNV
CALGARY, July 11, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the
Company") (TSX-V: SNV) announces that the Company has changed its
strategy of making significant use of advisory and consulting services
in Iraq to primarily utilizing its own established network. With this
change, the Company has terminated its advisory and consulting
agreement with Amira Management B.V. (an entity with the same
principals as Berkeley Petroleum Mesopotamia Limited ("Berkeley"),
which is one of the licensees under the Company's Asphalt License with
Salah ad Din Province). This advisory and consulting agreement has been
in place since signing the Asphalt License. Given continued significant
unexpected delays and a lack of progress in obtaining the required
approvals, the Company felt it needed to take more aggressive and
direct actions. The Company plans to continue recent discussions
directly with relevant government officials and authorities in Iraq in
relation to obtaining the necessary approvals and commencement of
operations under its Asphalt License.
Further, in November 2011, the Company loaned Berkeley $500,000.
Berkeley provided the Company with a promissory note for the principal
amount plus interest at a rate of 6% per annum. This promissory note
was previously extended by Sonoro to a maturity date of June 30, 2013.
To date the Company has received interest payments to March 31, 2013.
Payment of the promissory note is now overdue and the Company has
issued to Berkeley a notice of default and request for immediate
payment.
The Company continues to receive strong support from Geopetrol Iraq
Corp., its partner under the Asphalt License, in relation to the
Company's strategy shift to emphasize direct government relations and
in pursuing the approvals under the Asphalt License.
About Sonoro
Sonoro is an international oil exploration and development company. Our
current focus is a pure play on asphalt resource exploration and
development in Iraq. Sonoro has initiated the evaluation of resource
opportunities under our asphalt license agreement in the Salah ad Din
Province.
Forward-Looking Information
Certain statements in this news release may constitute "forward-looking
information" ("forward-looking statements") within the meaning of
applicable Canadian securities laws. Forward-looking statements are
often, but not always, identified by the use of words such as
"anticipate", "plan", "intend", "estimate", "potential", "could",
"ongoing", "prospective", "expected" and similar words suggesting
future outcomes. By their nature, forward-looking statements are based
on current expectations regarding future events that involve a number
of assumptions, known and unknown risks, and uncertainties. Actual
results, performance or achievements of Sonoro, or the industry, may
vary materially from what is expressed or implied by such
forward-looking statements.
These forward-looking statements are not guarantees of our future
performance and are subject to risks, uncertainties and other important
factors that could cause our actual performance to be materially
different from those we project. These risks and uncertainties include,
but are not limited to: (1) risks associated with obtaining,
maintaining and the timing of receipt of regulatory approvals, permits,
and licenses; (2) uncertainties related to financing of Sonoro's
exploration activities and continued operations through access to
capital markets; (3) the risk of volatile global economic conditions;
(4) continued political stability; (5) continued support from the local
communities, (6) operational risks in development, exploration and
production delays or changes in plans with respect to exploration or
development projects or capital expenditures; (7) the uncertainty of
resource estimates, geological interpretations, estimates and
projections in relation to production, costs and expenses, and health,
safety and environmental risks; (8) the continued ability to obtain
qualified staff and equipment in a timely and cost efficient manner;
(9) the risk of commodity price and foreign exchange rate fluctuations;
and (10) risks associated with the implementation of new technology.
Given these uncertainties, you should not rely on forward-looking
statements. These forward-looking statements also represent our
estimates and assumptions only as of the date that they initially were
made. We expressly disclaim a duty to provide updates to any
forward-looking statements, and the estimates and assumptions
associated with them, to reflect events or circumstances or changes in
expectations or the occurrence of anticipated events after the date
they initially were made, except and to the extend required by
applicable law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sonoro Energy Ltd.
