(TheNewswire)
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October 30, 2024 – TheNewswire - Calgary, Alberta – Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV) is pleased to announce that it has entered into a Farm-In Agreement (the “Agreement”) with Badlands Resources Ltd. to explore for oil in southern Alberta.
Through this agreement, Sonoro will earn a 100% working interest in a 2,240-acre land package by drilling an exploratory well. The acquired acreage encompasses several promising geological structures that have been carefully identified and mapped with high-resolution 3D seismic data. These targeted formations lie at an approximate depth of 1,300 meters and are known to produce high-quality oil in the region. Notably, the area has limited exploration activity, enhancing the potential for new discoveries.
In the event of a successful discovery, Sonoro plans to strategically expand its land holdings to include additional nearby anomalies with similar geological profiles. This expansion would allow the Company to further leverage the de-risked nature of these prospects, optimizing the prospect inventory and potentially enhancing production volumes across a larger land base. This Agreement represents a significant step for Sonoro in its efforts to strengthen its asset portfolio and capitalize on untapped resources within Alberta’s oil-rich landscapes.
Sonoro will be providing an update regarding its specific activity in the Middle East North Africa (“MENA”) region shortly. The Company has progressed its development activities in Iraq and Libya and will update shareholders accordingly.
Sonoro’s well in Saskatchewan continues to generate oil and provide production for the Company. The Company is considering various alternatives for the operations in Saskatchewan.
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
+1.403.262.3252
This press release is not to be disseminated in the United States
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