Sonoro Provides Update on its Asphalt License
TSX Venture Exchange Symbol: SNV
CALGARY, Aug. 2, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV) announces that the Company has been made aware through an interview and an article published by Iraq Oil Report on August 2, 2013 (the "Article") of certain correspondence that is alleged to have taken place between the Iraqi Ministry of Oil (the "Ministry of Oil"), the Province of Salah ad Din (the "Province") and Sonoro concerning the Company's Asphalt License (the "License"). The Article purports that the Head of the Investment Commission for the Province (the "Investment Commission") has cancelled the License.
The Company is investigating the veracity and validity of the correspondence. The Company has not received any correspondence from either the Ministry of Oil or the Province in regards to these matters as reported by the Article. As previously announced by news release in February 2013, the Company received a letter from the Investment Commission, signed by the Head of the Investment Commission, stating that the Province continues to follow up in order to receive final permits for drilling from the Federal Government, that the Province is working closely with the relevant ministries in Baghdad to complete the process, and that when the process is completed, Sonoro Iraq will receive the requested drilling permit. The Company has also had recent discussions with officials from the Province which, contrary to the Article, did not raise any issues with the Company's License, or communications from the Ministry of Oil, or questions regarding cancellation of the License.
The Company is surprised by the apparent conflict between the official communications it has received so far, and the statements made in the Article. The Company is investigating the validity of these statements and will be following up with the appropriate government officials. The Company will update shareholders regarding the outcome of these efforts as soon as it has additional information in this regard.
About Sonoro
Sonoro is an international oil exploration and development company. Our current focus is a pure play on asphalt resource exploration and development in Iraq. Sonoro has initiated the evaluation of resource opportunities under our asphalt license agreement in the Salah ad Din Province.
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.
SOURCE: Sonoro Energy Ltd.
RICHARD WADSWORTH
Chairman and CEO
+1.403.262.3252
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