TSX Venture Exchange Symbol: SNV
CALGARY,
April 3, 2014 /CNW/ - Sonoro Energy
Ltd. ("Sonoro" or "the Company") (TSX-V: SNV) is pleased to provide
the following update on its progress in Iraq towards establishing an exploration,
production and development project for bitumen/asphalt
resources.
During the first quarter of 2014, management of the
Company met several times with both Provincial and Federal
officials in Iraq to determine a
way forward to pursue bitumen/asphalt projects in Iraq. The Company has received a positive
response to its efforts, and management is of the opinion that it
is feasible to achieve a form of federal approval to pursue the
development of bitumen/asphalt resources. The Company emphasizes
that there can be no guarantee that such an approval will be
granted. Assuming the necessary approvals are received and
the relevant documents are executed, the Company then plans to
commence on the ground shallow geological investigations together
with data gathering operations for bitumen/asphalt resources that
it has identified.
The Company participated in Canada's first mission to Iraq in over 25 years from February 7-17, 2014 with a Canadian delegation
that included Canada's Minister of
State, the Canadian Ambassador to Iraq, the Iraqi Ambassador to Canada, Canadian Government personnel and
representatives of other businesses. The trip provided an
opportunity to meet with senior Iraqi Federal Government officials,
along with several Provincial investment commissions and numerous
Iraqi companies. This successful mission provided further support
to the Company's ongoing efforts to obtain a federally approved
license.
Given the upcoming general elections in
Iraq occurring at the end of April
and the subsequent period it may take to form a new Iraqi
government, the Company recognizes that additional delays may
occur. As a result of these factors, the Company will be open to
investigating other opportunities while also continuing in its
efforts to streamline its cost and expense structure.
About Sonoro
Sonoro is an international unconventional resource
exploration and development company. Our current focus is a
pure play on bitumen/asphalt resource exploration and development
in Iraq. Sonoro continues
the evaluation of resource opportunities in Iraq and under our asphalt license agreement
in the Salah ad Din Province while we pursue final Federal
approvals.
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. Specific forward-looking
statements in this press release include but are not limited to
comments related to the likelihood of obtaining requisite approvals
and licenses to pursue the development of bitumen/asphalt resources
in Iraq, plans to commence certain
investigations and operations, and the expected impact of the
Company's participation in the mission to Iraq on its efforts to obtain a federally
approved license. 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 what 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 extent 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.
