SNV Sonoro Energy Ltd

TSX Venture Exchange Symbol: SNV CALGARY, July 30, 2012 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") is pleased to announce the following updates. Closing of Rig Purchase The joint venture company  established by Sonoro, Berkeley Petroleum Mesopotamia Limited ("Berkeley") and Geopetrol Iraq Corp. ("Geopetrol"), collectively,  the "Partners", has completed the previously announced purchase of a new 750 horse power drilling rig for the Partners' planned asphalt operations in Salah ad Din Province, Iraq.  The new drilling rig is suited for exploration of the Partners' initial three well drilling campaign in Salah ad Din Province as well as further exploration drilling within the Partners' exclusive 24,000 km(2 )license area. Updated Investor Presentation The Company has posted an updated investor presentation on its corporate website (www.sonoroenergy.com). Sale of De-Asphalting Technology The Company has completed the sale of its de-asphalting technology, including all of its assets in Albania and one of its two sonic generators in Richmond B.C., to PetroSonic Energy Inc. ("Petrosonic"). In exchange for the de-asphalting technology and assets, Sonoro received an initial payment of $250,000, a $250,000 convertible debenture (the "Convertible Debenture") and is entitled to a 10% royalty on Petrosonic's net revenues for 10 years from commencement of commercial operations in each jurisdiction where Petrosonic uses the de-asphalting technology. The Convertible Debenture is non-interest bearing, matures on June 29, 2014 and may be converted into common shares of Petrosonic at a price equal to the price per common share of a subsequent equity offering in which Petrosonic raises a minimum of $500,000. The Company has retained its SonoAsh waste fly ash intellectual property rights and all other technology associated with the Sonic Generator outside of de-asphalting as well as the right to use the de-asphalting technology in Iraq. The Company's decision to sell the de-asphalting technology is consistent with its focus on its core business, the exploration and development of resources under the Company's Asphalt License in Iraq. Grant of Options Finally, the Company has granted 4,375,000 stock options to directors, officers, employees and consultants exercisable at $0.10 per share over a five year term in accordance with the Company's stock option plan.  A total of 3,100,000 of these options have been granted to directors and officers of the Corporation. The terms and conditions of the grant are subject to the approval of the TSX Venture Exchange. About Sonoro Sonoro is an international oil exploration and development company.  Our current focus is on asphalt (heavy oil) resource exploration and development in Iraq.  Sonoro has initiated the evaluation of resource opportunities under our Asphalt License in the Salah ad Din Province. Sonoro plans to drill exploration wells on the North Salah ad Din ("NSD") and Sherqat prospects in the Salah ad Din Province in the Republic of Iraq. An initial program to develop NSD and Sherqat and a further exploration program, including extensive sub-surface data acquisition in the Salah ad Din Province, have been developed and are planned to be executed following the above exploration drilling program. Forward Looking Information This press release contains forward looking information, including but not limited to planned exploration at Sonoro's NSD and Sherqat prospects.  The forward looking information is based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; the uncertainty associated with geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks associated with the implementation of new technology, risks associated with obtaining, maintaining and the timing of receipt of regulatory approvals, permits, and licenses, uncertainties relating to access to capital markets, in-country political risks and the risk of volatile global economic conditions. Due to the risks, uncertainties and assumptions inherent in forward looking information, prospective investors in the company's securities should not place undue reliance on forward looking information. Forward looking information contained in this press release is made as of the date hereof and are subject to change. The company assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by 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. Sonoro Energy Ltd. CONTACT: RICHARD WADSWORTHCHAIRMAN & CEO+1 403.262.3252info@sonoroenergy.comwww.sonoroenergy.com

Copyright