TSX Venture Exchange Symbol: SNV
CALGARY, Oct. 25 /PRNewswire-FirstCall/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV) today announced it has formed a strategic alliance with Inglett & Stubbs International Ltd. ("Inglett") whereby Inglett will support the execution of certain operations in Salah ad Din, Republic of Iraq.
Inglett has developed advanced design and building procedures that allow them to efficiently manage the most technically complex construction projects under difficult conditions and have become leaders in their industry. Inglett is known for exceptional performance and innovative design with a focus on providing turnkey solutions for worldwide projects in the harshest environments, including Afghanistan and Iraq where they have experienced personnel deployed.
As announced on October 4, 2010, Sonoro has been granted a license to construct and operate topping facilities within the province of Salah ad Din, Iraq with the further exclusive rights to explore for heavy oil. Inglett will provide initial logistical and operational support and the establishment of operations within Salah ad Din. The Company will work closely with Inglett to source a topping facility for construction and deployment in 2011. The Company and Inglett will also collaborate in reviewing power generation opportunities from products processed at the Company's topping facility once operational.
Over the next three months the Company plans to pursue leads on potential heavy oil resources within the province, to design a comprehensive exploration program, to drill initial stratigraphic wells and determine potential development programs to supply its topping facility.
Richard Wadsworth, President and CEO of Sonoro, commented "We are extremely pleased to have Inglett & Stubbs International Ltd. as a strategic partner. They have a wealth of experience in Iraq since 2003, know the Salah ad Din region and the overall Iraq landscape. They have seasoned personnel in Iraq and understand that the management of the operating environment is an important step for Sonoro, enabling us to rapidly move to exploration for resources and their subsequent development."
Tony Sinyard, President of Inglett, commented "We view Iraq as a significant growth opportunity in both oil resources and power generation. We have the ability to rapidly deploy power solutions to meet the high demand for power in Iraq. We are aligning ourselves with Sonoro as they have developed strong relationships in Iraq that have resulted in securing resource rights in Salah ad Din, an area known to have vast oil resources. We have the ability to assist Sonoro in establishing initial operations and constructing its facilities with our existing team of experienced professionals in Iraq."
Sonoro intends to continue to pursue additional oil development opportunities in the Middle East and internationally with an initial focus on heavy oil, bitumen and asphalt resources in Iraq. The Company is leveraging its proprietary technology and its operational experience which provide a strategic competitive advantage in capturing and developing such resources.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements, including the exploration success and development plans in Iraq, are subject to risks and uncertainties, including those specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement except in compliance with applicable securities laws.
SOURCE Sonoro Energy Ltd.