Sonoro Energy reports first oil sales from Saskatchewan well

Production continues to ramp up consistent with CHOPS heavy oil production typical of the area

CALGARY, Canada (Feb. 29, 2024)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that first oil sales have been completed in Saskatchewan from our 14-29 well.

Sonoro has two storage tanks totaling 2,000 barrels at the 14-29 location. The tanks were close to full with product typically associated with the early production phase from the process known as Cold Heavy Oil Production with Sand (CHOPS). The storage tanks have been emptied and production continues to ramp up consistent with CHOPS heavy oil production typical in the area. Daily production volumes have been increasing, and Sonoro will define the production profile when it stabilizes. CHOPS production in the area is characterized as follows.

Cold heavy oil production with sand (CHOPS) involves the deliberate initiation of sand influx during the completion procedure, maintenance of sand influx during the productive life of the well, and implementation of methods to separate the sand from the oil for disposal. A liner with a small open hole was used to maintain hole stability while still encouraging sand worm holing. The sand is produced along with oil, water, and gas and separated from the oil before upgrading to a synthetic crude.

CHOPS wells display wide variations in their production histories. CHOPS production depends on the range of factors discussed in CHOPS production rate increase mechanisms, CHOPS physical mechanisms, and CHOPS operational and monitoring issues; however, the major aspects of a “typical” CHOPS well include the following factors:

  • When a new well is completed, initial sand influx is large: 10 to 40% of the volume of the (gas-free) produced liquids and solids.

  • Over a period of a few days to several months, the sand rate gradually decays toward a steady-state influx rate (0.5 to 10%), depending on oil viscosity.

  • The oil production rate increases to a maximum several months or more after placing the well on production, and then slowly declines as reservoir-depletion effects begin to dominate.

  • All CHOPS production is accompanied by substantial gas production, and gas/oil ratio values tend to remain relatively consistent over many years.

  • Short-term sand influx rates and oil production rates fluctuate chaotically about the mean value.

Sonoro is pleased with how the well has performed to date and is analyzing the well results with its partners, further interpreting the seismic data and assessing other key data points for selecting and executing on the next drilling location in Saskatchewan.

Sonoro is closely monitoring when spring break-up will occur this year, which is difficult given the unusual weather patterns in the area to date. Spring break-up, and the period associated with it, prohibits heavy road use and drilling activities in the area, and typically runs between mid-March into May.

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Sonoro Energy Ltd. provides update on Saskatchewan operations and development opportunities in MENA

CALGARY, Canada (Feb. 5, 2024)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV)  hereby provides an update on the recently completed initialized production of the 14-29-32-23 W3 well in the WCSB. Since commencement of production, the well has exhibited CHOPs, Cold Heavy Oil Production with sand, producing foamy oil with greater than 10% sand cuts and high initial gas pressures. The oil density was tested as 10.33 API and viscosity at 30° Celsius of 12,596, which further confirms a positive window for oil sand production and wormhole creation from the slotted liners.

Upon completing the well in January, Saskatchewan encountered extreme cold weather conditions (reaching -55°C at the wellsite), which created a back log of flushbys and coil services work that the well required to manage sand production. On several occasions the issue was rectified, but without quick response services this eventually resulted in an expected blown drain and the well requiring a service rig. Sonoro’s expectation for optimal productivity of this well remains unchanged once the sand cuts reduce, wormholes have been created and the well has cleaned up.

The Company has ordered a service rig for required clean-up operations. This operation has been slightly delayed due to the backup of rig availability as a result of warm weather that created short-term road bans/closures in Saskatchewan. Sonoro expects that the well will be serviced and placed back on production within the next week.

In addition, Sonoro is making additional improvements with a recycle injection string to ensure continuous flow and velocity to produce oil and sand to surface in an optimum manner.

Sonoro will continue to evaluate this well as oil is produced and make design changes to the next multilateral well to further optimize the drilling and completion of that next well. A Joint Technical Committee has been formed with the Farmor to commence planning and for the coordinated exploitation of the Farm-In land base for the next multilateral lined horizontal well.

In matters regarding our previously stated evaluation of opportunities in the Middle East and North Africa (MENA) region, the Company has continued meetings in the region, and are in discussions with various parties to advance these select opportunities with no guarantees that these will or will not be concluded.

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Sonoro Energy Ltd. commences first production from 14-29-32-23 W3 well

CALGARY, Canada (Jan. 11, 2024)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce the commencement of production and positive results at its recently drilled 14-29-32-23 W3 well.

The multilateral horizontal well was run on production at 19:00 on Jan. 10, and over an 11-hour period has produced at an equivalent rate of 178 bbl/d of fluid. The well is currently producing at this rate with a strong volume of casing gas and abundant fluid level in the well.

Field staff are attending to the well hourly, and the well is being remotely monitored with a SCADA system that was installed during completion operations. The pump was started at the lowest speed corresponding to the fluid rate currently observed. The Company is in the process of taking initial samples to determine the oil percentage of the produced fluids.

Sonoro plans to optimize production rates by methodically increasing pump speeds and drawing down the fluid level as we aim to achieve the total production rates previously stated. Based on these initial results, Sonoro’s expectations remain the same in terms of timing for cleanup and optimized production rates.

David Leung, Sonoro’s Chief Operating Officer, comments: “We are pleased with these initial results and want to commend the field staff for achieving first production and maintaining operations in a safe manner while under the current extreme weather conditions. We will continue to diligently monitor and optimize the well during this initial start-up phase. We are encouraged by the rates of fluid and gas along with abundant fluid level, which validates the good reservoir deliverability that we expected.”

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Sonoro commences completion operations in Saskatchewan, closes full exercise of warrants

CALGARY, Canada (Jan. 4, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) is pleased to announce the commencement of final lease and facilities construction towards achieving oil production at its recently drilled 14-29-32-23 W3 well.

Sonoro has acquired all related surface and downhole equipment required to complete and place the well on production. Surface facility and lease access construction has commenced and the service rig is scheduled for the week of Jan. 9, 2023, at which time the downhole pump, tubing and rods will be installed to facilitate oil sales. Initial oil production rates are expected to continually improve as the well cleans up as the sand cuts decline.

This is standard for Cold Heavy Oil Production (“CHOPs”) strategy with sand production being deployed. Personnel and services have been secured to effectively optimize the well in accordance to industry leading CHOPs operations.

 Sonoro also announces that, further to its Dec. 12, 2023 news release, the Company successfully completed the acceleration of all 33,333,331 C$0.05 common share purchase warrants (the "Warrants") issued pursuant to its May 2023 private placement of units.

Sonoro had the right to accelerate the expiry date of the Warrants in the event that the price of Sonoro’s common shares equaled or exceeded C$0.10 per share for ten (10) trading days (the “Acceleration Event”).

Sonoro announced that the Acceleration Event occurred and the expiry date of the Warrants was accelerated to Jan. 2, 2024, being twenty (20) days after the date of the notice. Total proceeds from the warrants yielded C$1,666,667.

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Sonoro rig releases after successful execution of multilateral, multilined horizontal well in Saskatchewan

Strategic technological advancement developed alongside Modern Wellbore Solutions allows for slotted liners at multiple junction points

CALGARY, Canada (Dec. 27, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that it has rig released the 14-29-32-23 W3 well, and successfully installed liners into two of the four lateral sections of the horizontal well as planned and under budget.

Sonoro’s strategy for the installation of slotted liners into multiple horizontal legs is one of the first of these types for primary heavy oil multilateral horizontal wells in the Lloydminster/southwest Saskatchewan region. The liner design allows for Cold Heavy Oil Production with Sand (“CHOPS”)-type exploitation, allowing for enhanced primary production of this Waseca reservoir as compared to a single lined heavy oil horizontal well.

Preliminary strip log and sample reports indicate that the Waseca sands encountered in the lateral sections of the 14-29 well were very good, with intergranular porosity sandstone exhibiting strong petroliferous odor and abundant oil staining, along with heavily concentrated oil cut drilling fluid recovered at surface. While drilling the lateral sections, Sonoro deployed the use of gamma ray and induction logging while drilling to ensure that the horizontal well is situated in the uppermost section of the Waseca zone, which has been confirmed based on offset logs that indicate over 15 meters of productive Waseca oil-bearing sand.

Sonoro also announces that this innovative multilateral horizontal well technology utilized in the 14-29 well was developed in collaboration with Modern Wellbore Solutions, which grants Sonoro further priority access. This strategic advancement of technology has now been proven to enable the installation of slotted liners at multiple junction points within a single well, allowing for unparalleled access to multiple reservoir sections from one vertical well bore.

This capability surpasses traditional single-leg horizontal drilling methods, which limit to hanging just one slotted liner per well. By leveraging this technology, Sonoro expects enhanced production rates and recoverable reserves, cost savings, and a reduction in our carbon footprint. The technology will provide Sonoro with a competitive advantage in the Western Canadian Sedimentary Basin and internationally in the Middle East and North Africa region where we are evaluating opportunities.

Sonoro has finalized the design of the 14-29 surface lease facilities and downhole equipment, confirmed delivery of all long lead items and anticipates first production from the well in the second half of January. In conjunction with initial oil sales, Sonoro is working with third-party marketing firms to obtain optimal pricing for the produced products.

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Sonoro Energy Ltd. completes four multilateral horizontal legs with approximately 1,600 meters of horizontal section

CALGARY, Canada (Dec. 21, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to provide an update for the drilling of 14-29-32-23 W3 well in Saskatchewan, whereby it has finished the drilling portion of its first Waseca multilateral horizontal well with 4 horizontal legs for a total lateral length of approximately 1,600 meters. The Waseca formation was encountered structurally as expected and during the drilling of the four lateral sections, each lateral encountered clean sands with strong oil shows at surface and in abundance on the chip samples recovered.

The first of two slotted liners has been successfully set. A second liner is expected to be run in the next 24 hours demonstrating a new technology to place multiple slotted liners into two separate legs of a multilateral horizontal well. The ability to hang slotted liners into multiple horizontal legs within one well can provide the ability to achieve step rate increases in production rate and recoverable reserves.

Sonoro anticipates the rig release of this horizontal well on Dec. 22, 2023 and has initiated the planning for completing, procuring, and equipping this horizontal well. It is anticipated that with the holidays and lead time for equipment and a completion rig, the well will be brought on production in the second half of January, with oil sales to occur shortly thereafter.

Sonoro is simultaneously in the process of planning to drill its next multilateral horizontal well with the inclusion of multiple lined horizontal and lined sections into its design plan.

Sonoro’s CEO Richard Wadsworth comments, “We are very pleased with the results of Sonoro’s first multilateral horizontal well and our ability to achieve this milestone along with the strong oil shows seen in each lateral. We are enthusiastic to have this well placed on production to see an expected higher well productivity resulting from this reservoir, multilateral well strategy and technology.”

The Company will provide a full update of the well results subsequent to rig release.

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Sonoro Energy provides update on Saskatchewan well

CALGARY, Canada (Dec. 15, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that the 14-29-32-23 well has been drilled to the intermediate casing point. The well has been drilled 2 meters into the Waseca formation which was encountered structurally as expected with abundant oil returns seen over the shaker. Clean Waseca Sandstone chip samples were recovered having a strong fluorescence and oil staining.

Sonoro is now in the process of cementing the intermediate casing after which the first of four horizontal legs will be drilled into the Waseca sand, drilling to date has been safely conducted on budget and within the timeframe scheduled.

While these preliminary indications are positive, the results to date can not be relied upon for determining if the drilling results are determined as successful for economically viable production of this well.

The Company will make further announcements as appropriate.

Richard Wadsworth, CEO, commented: “Encountering the Waseca sand as expected confirms our 3D seismic interpretation and increases our confidence in the success of extending the laterals into the structural high of the formation.”

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Sonoro Energy spuds multilateral horizontal well in Saskatchewan, accelerates warrants

Site of Sonoro’s second well, about 1.5 km away from the company’s first vertical development well near Kerrobert, SK.

CALGARY, Canada (Dec. 12, 2023)—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 Dec. 12, 2023. Holders of these five cent warrants must exercise within 20 days or by Jan. 2, 2024. All warrants are fully transferable and warrant holders will be advised via email of the acceleration.

As of Dec. 12, 2023, a total of 26,319,999 warrants are outstanding.

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Sonoro Energy announces schedule for multilateral horizontal well in Saskatchewan

CALGARY, Canada (Nov. 30, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that the next well on the Kerrobert, Saskatchewan project is planned to be spud in mid-December 2023. The well will be a multi-lateral well located approximately 1.5 km away from the recently drilled vertical well, with 4 lateral legs, targeting Waseca sands structurally higher and extending up to 700 m from the intermediate casing point. 

The final well design is complete with operational plans in place, which include the interpretation of 3D seismic, final licensing of the well and site preparations to commence shortly to meet the anticipated spud date.

Further updates will be provided as activity progresses.

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Sonoro Energy Ltd. Commences Drilling First Well

CALGARY, Canada (Nov. 16, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) is pleased to announce that it has commenced drilling the 11-30-32-23W3 well in Kerrobert, Saskatchewan.

The vertical development well is currently being drilled to a planned total depth of approximately 900 metres. The well is targeting the Waseca channel sand, which has been extensively delineated in this area. This is the same channel sand in which lies Baytex’s Kerrobert field that is producing over 1,800 bbls/d and directly offsets three Baytex wells that have produced over 252,000 barrels of oil. The well presents a low-risk, step-out location that can be immediately brought into production. Completion operations are expected to commence immediately after rig release with subsequent oil sales occurring shortly afterwards.

Sonoro is also in the process of preparing the second location, which would represent its first multileg horizontal well and expects to license this well once surface land is acquired.

The Company will make further announcements as appropriate.

Richard Wadsworth, CEO, commented: “Commencement of drilling signifies an early milestone in Sonoro’s strategy to establish cashflow for the Company in a demonstrated low cost region in Saskatchewan. Our objective is to drill a subsequent multi-lateral horizontal well shortly thereafter applying new technology and further proving our capabilities to improve productivity and reserves with the potential to then leverage this to opportunities being reviewed in the MENA region.”

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Sonoro Energy Ltd. secures drilling rig and regulatory approval for its first well

CALGARY, Canada (Nov. 6, 2023) – Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that it has received the well license from the Saskatchewan Minister of Energy and Resources to commence drilling on the first Saskatchewan drilling location, which will be a vertical well as originally planned.

Sonoro has secured a drilling rig and services for this well with an intended spud date of Nov. 22, 2023.

The vertical well is targeting the Waseca formation that lies in the same channel that offsets Baytex’s Kerrobert field that is producing over 1,800 bbls/d and specifically offsets three Baytex wells that have produced over 252,000 barrels of oil.

A second well location has been selected and will be developed with a multi-lateral well to be drilled immediately after the vertical well. The well will utilize the same drilling rig to minimize mobilization costs and time. The multilateral horizontal well is engineered to have approximately 2,000 meters of lateral extensions from four horizontal legs utilizing drilling technology advancements allowing for multiple lined and open-hole sections. Other heavy oil operators have seen increases in initial production rates from multiple open-hole laterals of up to 100 to 300%. Both wells are planned to be completed and equipped for production following the release of the drilling rig, with the anticipation of first oil sales before the end of the year.

With the successful application of deploying these technologically advanced drilling techniques and tools, Sonoro plans to extend the technology to the next multi-lateral wells on the Farm-In Agreement lands and leverage this capability to our ongoing pursuits of opportunities in North Africa and the Middle East.

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Sonoro Energy Ltd. to resume Saskatchewan drilling program

CALGARY, Canada (Oct. 30, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) is pleased to announce that it will resume operations at its Saskatchewan project pursuant to completion of an amended Farmin Agreement which has now been executed with its farmin partner Superb Operating Company (“Superb”).

The Farmin Agreement reflects the Company’s new multilateral horizontal well development strategy and accelerated development schedule intended to take advantage of higher commodity prices while improving the expected economics and ultimate recoveries per well, assuming success.

The Farmin Agreement retains approximately 72% of the original lands, all of which are focused on areas where development can be accelerated. To that end, the Company will form a technical team with Superb to ensure that each new well is spudded within 60 days of rig release on the previously drilled well.

The Company has confirmed rig availability in order to spud the first well prior to Nov. 30, 2023. This multilateral horizontal well development strategy is planned to utilize recent drilling advancements allowing for additional lined horizontal sections and additional open hole laterals, with the first well to contain a total of 4 horizontal legs that have allowed other heavy oil operators to see up to 100-to-300% increases in initial production rates and recovered reserves.

The Company intends to deploy technologically advanced techniques and tools that can also be used in respect of the Farmin Agreement lands and on prospects that the Company continues to pursue in North Africa and the Middle East.

Mr. Richard Wadsworth, Sonoro’s Chairman and CEO, commented: “We are pleased to be accelerating our Saskatchewan drilling plans while solidifying our partnership with Superb. What excites me the most is the application of new multi-lateral technology and the applicability and credibility this brings to the other opportunities we are working on internationally. With the rig being mobilized as quickly as possible and the first vertical well and multi-lateral well being planned to be drilled back to back, we believe Sonoro is entering an exciting stage of transformation.”

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Sonoro Energy Ltd. provides update on Saskatchewan operations

CALGARY, Canada (Oct. 16, 2023)–Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) announces that it has agreed to amend certain terms of its previously announced Farmin Agreement with its farmin partner Superb Operating Company, a wholly owned subsidiary of Proton Technologies Cananda Ltd.

The amendments are intended to allow for a more focused drill program on certain identified lands and to include multi-lateral horizontal wells, all of which is intended to enhance the partnership relationship.

The amendments to the Agreement will extend the deadline for spudding the first vertical well and subsequent horizontal wells in addition to providing for an improved collaboration on the initial and future well programs. Commencement of the drilling is expected in October 2023, subject to regulatory approvals, rig availability and completion of definitive documentation.

Sonoro will provide an update and further details on the entire program, including the revised drilling timetable when completed.

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Sonoro Energy Ltd. announces final approval obtained to commence trading on the TSXV

CALGARY, Canada (Sept. 13, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (NEX: SNV.H, TSXV:SNV) is pleased to announce that the TSX Venture Exchange ("TSXV") has granted final approval for the Company's graduation from the NEX to the TSXV as a Tier 2 Oil and Gas Issuer as at September 15, 2023.

Effective at the opening on Friday September 15, 2023, the trading symbol for the Company will change from SNV.H to SNV.

Sonoro is pleased to also announce that Sonoro Energy Canada Ltd., a wholly owned subsidiary of Sonoro, expects to spud the second well within twenty days from the completion of the first well, which remains on target to be spud before September 30, 2023.

Furthermore, the second well is being evaluated to be designed as a multi-lateral horizontal well potentially providing improved economics and rates along with increased access to recoverable reserves and overall development of the resource. Further details will be announced once finalized.

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Sonoro Energy Ltd. announces closing of private placement, graduation from the NEX to the TSXV, and drilling update

CALGARY, Canada (Sept. 8, 2023)—Sonoro Energy Ltd. ("Sonoro" or the "Company") (NEX: SNV.H) is pleased to announce the closing of a non-brokered Private Placement of common share units for total gross proceeds of $1,753,416 and that the TSX Venture Exchange ("TSXV") has granted conditional approval for the Company's graduation to TSXV as a Tier 2 Oil and Gas Issuer, subject to the Company satisfying conditions. Assuming satisfaction of such conditions, it is expected that the graduation from NEX to TSXV will occur on or about Thursday, Sept. 14, 2023.

Each unit of the financing is comprised of one $0.06 common share (a “Common Share”) and one common share purchase warrant (a “Warrant”) of the Company, where each whole Warrant entitles the holder to purchase one Common Share within two years at a price of $0.12 per Common Share. The securities issued in connection with the Offering will be subject to a four month and one day hold period from the date of issuance of such securities and are subject to TSXV approval. As part of this non-brokered financing, warrants are subject to an acceleration clause. This clause states that if, four months and one day after the warrants are issued, the closing price of the common shares of the Corporation, on the principal market on which such shares trade, is equal to, or exceeds, C$0.15 for 10 consecutive trading days (with the 10th such trading date hereafter referred to as the “Eligible Acceleration Date”), the warrant expiry date shall accelerate to a date 20 calendar days after issuance of a press release by the Corporation announcing the reduced warrant term—provided, no more than five business days following the Eligible Acceleration Date, that, the press release is issued; and notices are sent to all warrant holders.

Proceeds from the private placement will support ongoing activities relating to its previously announced Western Canadian Sedimentary Basin Farm-In Agreement, general corporate purposes and pursuit of international oil and gas opportunities.

Sonoro Energy Canada Ltd., a wholly owned subsidiary of Sonoro, has been granted a license to drill its first well under the farm-in letter agreement by the Saskatchewan Ministry of Energy and Resources and is in the process of lease construction which will then be immediately followed by the arrival of the drilling rig, with anticipated spudding of the well expected prior to Sept. 30, meeting the farm-in agreement condition. Sonoro's management anticipates the well to take 5 days from spud to drilling completion and upon confirmation of the productive formation from wireline logs, Sonoro's management expects that the well will be completed and equipped for production. The second well location has also been selected, surveyed and negotiated with the landowner.

Sonoro has also been advised by TSXV that the proposed 15% rolling stock option plan disclosed in Sonoro's management proxy circular dated Aug. 11, 2023 for its meeting on September 22, 2023 does not comply with TSXV requirements. Therefore, the 15% rolling stock option plan will not be implemented by the Company. Sonoro will be seeking shareholder approval of a 10% rolling stock option plan at a later date and prior to the grant of any stock options under such plan.

Sonoro is pleased to announce the appointment of Richard Wadsworth as Chief Executive Officer of the Company, in addition to his current role as Chairman of the Board, in connection with its graduation from NEX to TSXV. Mr. Wadsworth is a petroleum engineer with over 30 years experience in operations and management internationally. He was a co-founder, director, and President of Bankers Petroleum. Mr. Wadsworth recently led and developed a 55,000 bopd oilfield in Iraq with development planned to 230,000 bopd.

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Sonoro Energy announces financing, provides update on WCSB farm-in

CALGARY, Canada (Aug. 25, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) announces its intention to complete a non-brokered private placement common share/warrant unit financing to support ongoing activities relating to its previously announced Western Canadian Sedimentary Basin (“WCSB”) Farm-In Agreement (the “Agreement”), general corporate purposes and pursuit of international oil and gas opportunities.

Sonoro intends to raise up to CAD$2,000,000 for a total of up to 33.33 million units comprised of one $0.06 common share (a “Common Share”) and one common share purchase warrant (a “Warrant”) of the Company, where each whole Warrant entitles the holder to purchase one Common Share within two years at a price of $0.12 per Common Share. The securities issued in connection with the Offering will be subject to a four month and one day hold period from the date of issuance of such securities.

As part of this non-brokered financing, warrants are subject to an acceleration clause. This clause states that if, four months and one day after the warrants are issued, the closing price of the common shares of the Corporation, on the principal market on which such shares trade, is equal to, or exceeds, C$0.15 for 10 consecutive trading days (with the 10th such trading date hereafter referred to as the “Eligible Acceleration Date”), the warrant expiry date shall accelerate to a date 20 calendar days after issuance of a press release by the Corporation announcing the reduced warrant term—provided, no more than five business days following the Eligible Acceleration Date, that, the press release is issued; and notices are sent to all warrant holders.

As a further update to the Agreement and ongoing operations to commence drilling of the first test well, Sonoro has acquired surface access along with surveys and will be shortly applying to the regulator to license the locations. The drilling program has been finalized, long lead items secured and upon granting of the drilling license, lease construction will commence followed by a drilling rig mobilized to site with spudding of the well expected prior to Sept. 30, 2023 meeting the Farm-In Agreement condition.

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Sonoro Energy provides update on Saskatchewan farm-in

CALGARY, Canada (July 28, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is pleased to update shareholders on progress relating the previously announced Western Canadian Sedimentary Basin (“WCSB”) Farm-In Agreement (the “Agreement”).

Sonoro has provided notice to it’s Farmee partner that it has elected to drill the first well under the Farmin Letter Agreement in Saskatchewan. Such election notice satisfies the election date provisions within the Farmin Agreement.

Sonoro’s newly created Canadian subsidiary, Sonoro Energy Canada Ltd., (“Sonoro Canada”), has been approved by the Saskatchewan Ministry of Energy and Resources (“MER”) to conduct operations in the Province of Saskatchewan. In addition to this approval, Sonoro has also finalized the selection of its first three drilling locations (of the initial 5 well commitment and carry) and has secured the services to survey, acquire surface access, and obtain drilling permit for the first well location. Sonoro has also secured the necessary services required to proceed in the contracting of drilling and completion services for the well with an expected spud date in later half of September 2023 which will satisfy the September 30, 2023 spud date commitment of its first well.

Sonoro will provide further updates as it progresses its drilling program.

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Sonoro appoints Sara Akbar and Henry Legarre to Board of Directors

CALGARY, Canada (June 21, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is pleased to announce that Sara Akbar and Henry Legarre have agreed to join the Board of Directors of Sonoro Energy Ltd, subject to final TSXV exchange approval.

Sara has over 30 years of experience leading and building oil and gas companies, services and projects in the Middle East and North Africa. Sara is currently the Chairman and CEO of Oil Serv Kuwait, a leading integrated oilfield services company in the Middle East and North Africa region.

Sara Akbar

Sara has been an independent non-executive Board member of Petrofac since 2018, a leading engineering and services provider in energy internationally. She is the Chairperson of the Advisory Board of the business school at the American University of Kuwait, a prior member of the Kuwait Supreme Council for Planning and Development and a former member of the Board of Trustees of Kuwait’s Silk Territory project. Sara also serves on the board of directors of the merchant fund established by ICC.

Previously, Sara was a Chief Executive Officer of Kuwait Energy KSC, which she co-founded in 2005 to leverage the opportunity for an independent oil and gas company in the Middle East, North Africa and Eurasia regions. Sarah holds a BSc in Chemical Engineering.

Henry has over 30 years of experience in the oil and gas sector. Henry has a unique and wide blend of technical, operational, business development, strategic planning, and executive management experience—seed-stage startup to multi-billion-dollar company leadership, technology development and implementation with emphasis in modeling and Heavy Oil. Currently Henry is with Trindade Reservoir Services Inc. where he is part of the executive team developing a new clean-energy-from oil-process, combining EOR and geothermal process in mature fields to increase recovery and creating net zero electricity with no CO2 emissions.

Henry Legarre

Henry is COO and VP of Operations for Quantum Reservoir Impact in Houston (QRI) where QRI brings value creation to its clients through the development of AI & Machine Learning driven technologies. Previously Henry was the COO & MD for Oryx Petroleum Services and Addax Petroleum Services from 2007-2015 where he was responsible for the exploration to development and operations of several fields in Iraq, Nigeria, and the Republic of the Congo.

Henry started his career with Chevron from 1990 in Bakersfield, California working on heavy oilfields which led him with Chevron to Nigeria, Angola, Kuwait, Bahrain, Saudi Arabia, South America and numerous other countries worldwide. Henry holds a MSc and BSc in Geological Sciences.

Mr. Richard Wadsworth, Sonoro Chairman commented: “We welcome Sara and Henry to Sonoro and believe that with their backgrounds and experience in the MENA region, internationally and in heavy oil, along with our strategy of building a low risk base in WCSB and now having our first Farm-in completed, that this positions the Company to strongly pursue transformational opportunities internationally where we collectively have knowledge, experience and success.”

The Company also announces that Bill Marpe has resigned from the Board of Directors; however, he will continue to provide advisory services to the Company as it pursues international opportunities. The Company thanks Bill for his services and support as part of management team in Indonesia and on the Board of Directors for the past eight years.

Further to the Company news release on June 14, 2023, the Company is pleased to report that it has received the release from the debt security holder of the partner company on June 15, 2023 for the Farm-In Agreement in the Western Canadian Sedimentary Basin, thus removing this condition precedent.

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Sonoro Energy provides update on farm-in agreement and trading resumption

CALGARY, Canada (June 14, 2023)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV.H) is pleased to provide a current update on the previously announced Western Canadian Sedimentary Basin (“WCSB”) Farm-In Agreement (the “Agreement”), with an arms-length third party. Sonoro also advises that the Company’s shares will commence trading again on Monday June 19, 2023.

Under the terms of the Agreement, previously disclosed in our news release dated June 1, 2023, Sonoro will be the operator and earn a 70% working interest in a proven Waseca channel heavy oil resource fairway, subject to Sonoro fulfilling the obligations under the Agreement. In consideration for acquiring the 70% working interest in this 1,840-acre contiguous land block (the “Asset”), Sonoro has committed to drill up to five wells (the “Carry”) funding up to CAD$5 million dollars (on a gross basis) and with the first well scheduled to spud no later than September 30, 2023. After each well, Sonoro earns its 70% interest in the well spacing unit and has a rolling option to elect the next well until the fifth well. Upon completion of the five well Carry, Sonoro will have earned a 70% working interest across the Asset which contains numerous follow up drilling locations given the pervasiveness of the channel sands. After the Carry, further development will be at a 70%/30% working interest split between Sonoro and the counterparty. An Operating Agreement has also been executed between the parties which govern the joint operating procedures. After the final release from the security holder, expected by June 15, 2023, of the counterparty and Sonoro proving it can fund an initial minimum of CAD$2 million by July 31, 2023, the Farm-In Agreement will be deemed closed. As at the date of this news release, Sonoro has not yet began earning the 70% interest under the Agreement.

Sonoro has fully evaluated the Asset, prioritized its first locations, and plans to elect to drill both the initial test well in addition to one additional location upon finalizing the release and having the $2,000,000 of funding in place. Sonoro has recently announced and completed an equity/warrant financing for $500,000 and will raise the additional minimum $1,500,000 via a to be determined funding source which could include a private placement, warrant exercise, advance or loan by individuals/entities or a combination of the sources indicated and all subject to TSXV approval. The completion of the $1,500,000 financing is conditional upon the closing of the Agreement. The test well is scheduled to spud before September 30, 2023. Sonoro has initiated the process of procuring surface lands, a drilling rig and other long lead items in anticipation of spud. As at the date of this news release, Sonoro has not commenced drilling of any wells pursuant to the Agreement.

Sonoro has submitted the Geological Report to the satisfaction of the TSXV and also has submitted an application to graduate to the TSXV, which we anticipate receiving upon finalizing the above-mentioned funding and closing the transaction.

Sonoro also advises that the Selat Panjang PSC in Indonesia has been released to its former partner and all obligations/liabilities associated with the project have been extinguished. This will be reflected in the financial statements at the period ended June 30, 2023.

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Sonoro Energy update on trading halt

CALGARY, Canada (June 7, 2023)—The trading of Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV (NEX): SNV.H) common shares on the NEX was halted on May 31, 2023. As previously announced, Sonoro has recently executed a farm-in agreement on lands in the Western Canadian Sedimentary Basin (“WCSB”). The transaction is deemed to be a Fundamental Acquisition by Sonoro and as a result Sonoro is following TSXV Policy 5.3.

As per TSXV requirements, trading of the shares were halted and will remain halted until receipt of a satisfactory Geological Report in connection with Sonoro's acquisition of the 70% working interest in assets pursuant to the farm-in arrangement is completed, submitted and approved by the Exchange. The report is being prepared by GLJ in Calgary.

Sonoro is in the final stages of completing the Geological Report and will submit the report to the TSXV for their consideration and potential approval of the requirements outlined in Policy 5.3. Submission of such report to the Exchange is expect before June 9, 2023. At the same time, Sonoro has requested graduation of the trading of the common shares back to the TSXV.

Sonoro has requested to the TSXV that trading of the common shares resume subsequent to approval of the Geological Report.

Further updates will be provided if events change.

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