July 2, 2024 – TheNewswire - Calgary, Alberta – Sonoro Energy Ltd. ("Sonoro" or the “Company”) (TSXV:SNV) is pleased to provide shareholders an update on operations in Saskatchewan and activities in the MENA region. In Saskatchewan, Sonoro continues to produce oil after recently performing a pump change to improve downhole lifting efficiencies for enhanced oil production.  This optimal pump size eliminates the continuous recycle while maintaining the option to perform periodic well flushes to ensure continuity of the CHOPS process and expected production improvements.  Subsequent to this pump change, the well has averaged production of 91 barrels of oil per day since the we performed the workover, an estimated initial increase of over 30% from our previous average production rate for the first half of June. The Company will continue to focus on optimizing drawdown and oil production at the site. Further to our farm-in partner in Saskatchewan, Superb Operating Company Ltd. (“Superb”) announcing a sales process for their oil and gas properties which includes lands under our Farm-In Agreement, we look forward to this concluding and proceeding with our operations to progress the next multi-leg multi-lined horizontal well.  

 

In MENA, the Company had previously announced a proposed share transaction with MENACo, as per Company news release on June 3, 2024,  whereby MENACo has signed Oil and Gas Well Management and EPC Master Services Contract (“MSA”) with a national oil company. MENACo has advanced its review and study of various shut in wells and EPC projects and has submitted a technical proposal for an initial 18 well intervention and flowline project. MENACo anticipates that the technical and commercial aspects will be approved in the near term such that works may commence shortly with the first work order planned to produce over 16,000 bopd, for the national oil company, within a period of 3-4 months. MENACo and Sonoro are also advancing the final documentation amongst MENACo shareholders and final Agreements for the transaction. The proposed transaction will also be subject to all applicable TSX Venture Exchange approvals.

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