(via Thenewswire.ca)
Calgary, Alberta / TNW-ACCESSWIRE / November 28, 2014 / Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV) announces that it has filed its financial statements and related Management's Discussion and Analysis ("MD&A") for the period ended September 30, 2014 on SEDAR. The financial statements and associated MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.sonoroenergy.com.
Throughout 2014 the Company has marketed the sale of the drilling rig stacked in the United Arab Emirates on behalf of Stratton Drilling FZC ("Stratton") of which it holds a 40% minority interest. Several offers were received but Stratton has been unable to close a sale. As a result of Stratton's continuing default on its loan for the drilling rig to the Lender (Geopetrol International Holding Inc.), continuing costs to maintain and store the rig, and overdue accounts to other creditors, Stratton has agreed to accept an offer from the lender based on the best competitive offer previously received and has now executed a sales agreement with the lender to be able to discharge creditors and allow for an orderly wind-up of Stratton. In order to improve the Company's balance sheet, avoid having Stratton lose the rig as a result of the Lender potentially enforcing its security interest, and to pay its creditors, Stratton has executed a sales agreement for the drilling rig and related equipment to the Lender on the same terms as the best competitive offer it has received (the "Rig Sale"). The Rig Sale is expected to close the week of December 1, 2014 once a final condition precedent has been satisfied. Completion of the Rig Sale will allow Stratton to pay the amounts outstanding under its loan with the Lender, pay its creditors and subsequently wind-up Stratton.
The Company and Board have agreed to reduce the size of the Company's Board by two directors with Mr. Jesse Meidl and Richard Monbaillard voluntarily stepping down. The Company thanks both for their contributions and wishes them success.
About Sonoro
Sonoro is an international unconventional resource exploration and development company. The Company's primary focus has been on its asphalt license agreement in the Salah ad Din Province. With this License under Force Majeure since July 3, 2014 and requiring additional Federal approval, the Company is reviewing other strategic opportunities and options.
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.
For further information please contact:
RICHARD WADSWORTH
Chairman and CEO
+1.403.262.3252
www.sonoroenergy.com
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