TSX Venture Exchange Symbol: SNV
CALGARY, Aug. 2, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the
Company") (TSX-V: SNV) announces that the Company has been made aware
through an interview and an article published by Iraq Oil Report on
August 2, 2013 (the "Article") of certain correspondence that is
alleged to have taken place between the Iraqi Ministry of Oil (the
"Ministry of Oil"), the Province of Salah ad Din (the "Province") and
Sonoro concerning the Company's Asphalt License (the "License"). The
Article purports that the Head of the Investment Commission for the
Province (the "Investment Commission") has cancelled the License.
The Company is investigating the veracity and validity of the
correspondence. The Company has not received any correspondence from
either the Ministry of Oil or the Province in regards to these matters
as reported by the Article. As previously announced by news release in
February 2013, the Company received a letter from the Investment
Commission, signed by the Head of the Investment Commission, stating
that the Province continues to follow up in order to receive final
permits for drilling from the Federal Government, that the Province is
working closely with the relevant ministries in Baghdad to complete the
process, and that when the process is completed, Sonoro Iraq will
receive the requested drilling permit. The Company has also had recent
discussions with officials from the Province which, contrary to the
Article, did not raise any issues with the Company's License, or
communications from the Ministry of Oil, or questions regarding
cancellation of the License.
The Company is surprised by the apparent conflict between the official
communications it has received so far, and the statements made in the
Article. The Company is investigating the validity of these statements
and will be following up with the appropriate government officials.
The Company will update shareholders regarding the outcome of these
efforts as soon as it has additional information in this regard.
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", "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.
