SNV:CC - Sonoro Energy Ltd. to Resume Saskatchewan Drilling Program
(TheNewswire)
Calgary, Alberta - TheNewswire - October 30,2023 - Sonoro Energy Ltd. (" Sonoro " or the" Company ") (TSXV:SNV) is pleased to announce that it willresume operations at its Saskatchewan project pursuant to completionof an amended Farmin Agreement which has now been executed with itsfarmin partner Superb Operating Company (“Superb”). The FarminAgreement reflects the Company’s new multilateral horizontal welldevelopment strategy and accelerated development schedule intended to take advantage of higher commodity prices while improving theexpected economics and ultimate recoveries per well, assuming success.
The Farmin Agreement retains approximately 72% of theoriginal lands, all of which are focused on areas where developmentcan be accelerated. To that end, the Company will form a technicalteam with Superb to ensure that each new well is spud within 60 daysof rig release on the previously drilled well. The Company hasconfirmed rig availability in order to spud the first well prior toNovember 30, 2023. This multilateral horizontal well developmentstrategy is planned to utilize recent drilling advancements allowingfor additional lined horizontal sections and additional open holelaterals, with the first well to contain a total of 4 horizontal legsthat have allowed other heavy oil operators to see up to 100 - 300 %increases in initial production rates and recovered reserves. TheCompany intends to deploy technologically advanced techniques andtools that can also be used in respect of the Farmin Agreement landsand on prospects that the Company continues to pursue in North Africaand the Middle East.
Mr. Richard Wadsworth, Chairman and CEO commented “Weare pleased to be accelerating our Saskatchewan drilling plans whilesolidifying our partnership with Superb. What excites me the most isthe application of new multi-lateral technology and the applicabilityand credibility this brings to the other opportunities we are workingon internationally. With the rig being mobilized as quickly aspossible and the first vertical well and multi-lateral well beingplanned to be drilled back to back, we believe Sonoro is entering anexciting stage of transformation”.
Forward-lookingStatements
Certain information in this news release constitutesforward-looking statements under applicable securities laws. Anystatements that are contained in this news release that are notstatements of historical fact may be deemed to be forward-lookingstatements. Forward-looking statements are often identified by termssuch as "may," "should," "anticipate,""expects," "estimates," "seeks" andsimilar expressions. In particular, without limiting the generality ofthe foregoing, this news release contains forward-looking informationregarding the opportunities discussed.
Forward-looking statements necessarily involve knownand unknown risks, including, without limitation, risks associatedwith oil and gas exploration, development, exploitation, production,marketing and transportation, loss of markets, volatility of commodityprices, currency fluctuations, imprecision of resource and reserveestimates, environmental risks, competition from other producers,inability to retain drilling rigs and other services, delays resultingfrom or inability to obtain required regulatory approvals, changes inlegislation including but not limited to income tax, environmentallaws and regulatory matters, the effectiveness of the technology to beemployed by the Company, the Company’s ability to spud each well inaccordance with the Farmin Agreement and its ability to accesssufficient capital from internal and external sources. Readers arecautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance onforward-looking statements as there can be no assurance that theplans, intentions or expectations upon which they are placed willoccur. Such information, although considered reasonable by managementat the time of preparation, may prove to beincorrect and actual results may differ materially from thoseanticipated. Forward-looking statements contained in this news releaseare expressly qualified by this cautionary statement.
Additional information on these and other factors thatcould affect Sonoro's operations or financial results are included inSonoro’s reports on file with Canadian securities regulatoryauthorities and may be accessed through the SEDAR website(www.sedar.com) or by contacting Sonoro. The forward-lookingstatements contained in this news release are made as of the date ofthis news release and Sonoro does not undertake any obligation toupdate publicly or to revise any of the included forward-lookingstatements, whether as a result of new information, future events orotherwise, except as expressly required by securities law.
Neither the TSXVenture Exchange nor its Regulation Service Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease .
On behalf of the Board of Directors
of Sonoro Energy Ltd.
Dean Callaway, CFO and Director
+1.403.262.3252
This press releaseis not to be disseminated in the United States
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