(TheNewswire)
July 29, 2024 – TheNewswire - Calgary, Alberta – Sonoro Energy Ltd. ("Sonoro" or the “Company”) (TSXV:SNV) is pleased to announce that Mr. Greg Renwick is joining the Company as President and Chief Executive Officer and a Director of the Board effective August 1, 2024. Mr. Richard Wadsworth will step down as a Board member and Chief Executive Officer for personal reasons. Mr. Wadsworth will continue to support the Company in an advisory capacity to progress opportunities domestically and in the MENA region. Ms. Sara Akbar will assume the position of Chairman of the Board of Directors. Ms. Akbar has been a Director of Sonoro since June 2023 and will be taking a more active role in the Company as a result of her new position at the Company.
Mr. Renwick is a seasoned global petroleum executive with over 40 years of experience in both technical and executive leadership roles. His diverse background encompasses positions in junior oil companies, major international petroleum firms, government advisory roles, and U.S. investment banking.
Mr. Renwick began his petroleum career as a geophysicist with Mobil Oil Canada. During his 25-year tenure with Mobil, he held a variety of roles, including technical, technical management, executive management, and business development positions in Canada, the U.S., Indonesia, the Middle East, and Central Asia. His assignments included serving as 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.
Greg has extensive experience in the Middle East, having held management and advisory positions with Kuwait Foreign Petroleum, Dana Gas PJSC, and Centurion Petroleum International. He also served as President and CEO of East West Petroleum, a publicly traded upstream oil firm in Canada. Additionally, he has held executive and non-executive board positions with East West Petroleum, North American Oil and Gas, and TransAtlantic Petroleum. His recent activities include business development advisory roles for Trident M&A Advisors, a U.S. investment bank, and Fusematic Corporation.
Greg holds a BSc in Chemistry from the University of Western Ontario and an MSc in Geology from Dalhousie University in Halifax, Canada. He and his family reside in Dallas, Texas.
Mrs. Sara Akbar, Chairman of the Board stated “We at Sonoro are pleased to welcome Mr. Renwick to the Company and to renew my working relationship with him in the MENA region. Greg brings many years of oil and gas experience in North America and internationally that will be extremely helpful for the success at Sonoro. The Company also thanks Mr. Wadsworth for his contributions to Sonoro wishing him success in his future endeavors and looks forward to working closely with him in an advisory role to support the corporate strategy and growth plans”
Operationally, the Sonoro 14-29 multi-lateral well in Saskatchewan has stabilized and further optimization is ongoing with the revised operational adjustments. Production to date for the month of July is more than double that from previous months and further illustrates the economic viability of this project.
The MENA opportunity previously announced continues to progress. Key hurdle milestones are expected to be achieved in the near-term of which the Company will provide further detail if and once completed.
Sonoro also announces that 3 million incentive stock options have been granted to management and directors, pursuant to the Company’s Stock Option Plan, at an exercise price of $0.075 with an expiry date of July 29, 2029 subject to the approval of the TSX Venture Exchange. Following this grant, the Company has a total of 12.75 million stock options outstanding.
The management changes above are subject to TSX Venture Exchange approval.
Forward-looking Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates," "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this news release contains forward-looking information regarding: the ability of the parties to negotiate satisfactory terms for, and to execute, the Definitive Agreement; the satisfaction of all conditions precedent to the completion of the Proposed Transaction, including receipt of TSX Venture Exchange, regulatory and shareholder approvals; the Company’s ability to continue as a going concern, general business, economic, competitive, political, and social uncertainties; delay or failure to receive applicable approvals; and the results of operations.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resource and reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, the effectiveness of the technology to be employed by the Company, the Company’s ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro’s reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or by contacting Sonoro. The forward-looking statements contained in this news release are made as of the date of this news release and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities 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 the company at:
On behalf of the Board of Directors
of Sonoro Energy Ltd.
Dean Callaway, CFO and Director
info@sonoroenergy.com
+1.403.262.3252
This press release is not to be disseminated in the United States
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