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Sonoro Energy spuds Multilateral Horizontal in Saskatchewan and accelerates warrants



Sonoro Energy Ltd
 

December 12, 2023 – TheNewswire - Calgary, Alberta – Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV)  is pleased to announce that it has spud the 14-29-32-23 well near Kerrobert, Saskatchewan, The well is planned as a multi-lateral well to be drilled on a structural high, targeting Waseca sands and extending up to 700 m from the intermediate casing point. Sonoro is deploying Rig 184SS, a super single rig operated by Precision Drilling. The well is intended to reach targets within two weeks.

 

Sonoro also announces that it is accelerating the expiry date of all outstanding common share purchase warrants related to its May 25, 2023 private placement. The Warrant conversion may be accelerated by the Company if the shares equal or exceed 10 cents per share for 10 trading days. This requirement has been met and the Company will accelerate the warrants as at December 12, 2023 Holders of these five cent warrants must exercise within 20 days or by January 2, 2024. All warrants are fully transferable and warrant holders will be advised via email of the acceleration. As of December 12, 2023, 26,319,999 warrants are outstanding.

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 opportunities discussed.

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 spud each well in accordance with the Farmin Agreement and its 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.sedar.com) 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 to participate in future financing, 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