TSX Venture Exchange Symbol: SNV
CALGARY, April 5, 2012 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the
Company") (TSXV: SNV) is pleased to announce the addition of Messrs.
Kirk Donaldson, Richard Monbaillard and Dick ter Avest to its Board of
Directors. Mr. Richard Wadsworth will become the Executive Chairman
while retaining his current Chief Executive Officer position. Mr. Dick
ter Avest joins the Board and is taking on the role of President in
addition to his current Chief Operating Officer position.
Mr. Donaldson is a senior financial industry professional with over 17
years of experience in new business and client development, financial
services and asset management. Mr. Donaldson founded Quidnet Capital
Partners, an investment fund specializing in global macro opportunities
and currently serves as non-executive Chairman. He is also currently
the Managing Director and Global Relationship Head of RMJM, one of the
world's leading architectural and design companies. In addition to
those responsibilities at RMJM, Mr. Donaldson serves as Chairman of the
Board of the RMJM subsidiary YRM, a leading nuclear, technology and
energy design firm. Prior to these positions, Mr. Donaldson served as
Vice President at Morgan Stanley leading the international investor and
retirement investments business within the private investments group in
New York City. Previously, he was Senior Vice President and head of the
Global Wealth Management Group at Merrill Lynch overseeing private and
institutional assets. In addition to his domestic and international
investment and project experience, Mr. Donaldson is President of the
Bond Club of New York.
Mr. Richard Monbaillard has over 35 years of experience in international
oil and gas exploration, production and power. Mr. Monbaillard's career
has spanned various senior positions, including technical, negotiation,
project development, asset management and leadership, of which 25 years
were in exploration and production and 12 years in gas and power with
Elf and Total. He has held senior E&P positions in North Africa, West
Africa and the Middle East. Mr. Monbaillard has also held a lead role
in worldwide acquisitions and joint ventures.
Mr. Adam Sumel, Mr. Nasser Bin Jarallah and Mr. Ahmed Al Shamsi have
resigned from their respective Board positions to move to a new
Advisory Board that will make use of their respective talents on a more
focused basis, particularly with respect to Middle East relationships
and business expertise.
Mr. Wadsworth commented: "On behalf of the Board I would like to thank
each of the departing board members for their contributions to the
Company and for their continuing support through the newly formed
Advisory Board. The Board and I welcome Messrs. Donaldson, Monbaillard
and ter Avest. With these changes, the Company maintains its level of
relationships and experience in the Middle East through the Advisory
Board while adding additional financial and technical expertise to our
Board". Mr. Wadsworth further stated: "With the Company now advancing
its operations in Salah ad Din and pursuing conventional oil and gas
opportunities in Iraq, we are excited about the upcoming growth
prospects for the Company".
In association with this announcement, the Company has granted 500,000
stock options to each of Mr. Donaldson and Mr. Monbaillard, exercisable
at $0.10 per share over a 5 year term in accordance with the Company's
stock option plan. 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 resource exploration and development in Iraq. We have
initiated the evaluation of resource opportunities within our asphalt
(heavy oil) license agreement and are finalizing plans to drill our
North Salah ad Din prospect. Sonoro is also pursuing the acquisition
of conventional oil and gas exploration opportunities in the Salah ad
Din Province in the Republic of Iraq.
Forward Looking Information
This press release contains forward looking information, including but
not limited to planned exploration at Sonoro's North Salah ad Din
prospect. 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.