Business
Sonoro Announces Closing of Rig Purchase, Updated Investor Presentation, Sale of De-Asphalting Technology and Option Grants
TSX Venture Exchange Symbol: SNV CALGARY, July 30, 2012 /CNW/ - Sonoro Energy Ltd. ("So...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange Symbol: SNV\n\n\nCALGARY, July 30, 2012 /CNW/ - Sonoro Energy Ltd. (\"Sonoro\" or \"the\n Company\") (TSX-V: SNV) is pleased to announce the following updates.\n\n\nClosing of Rig Purchase\n\n\nThe joint venture company  established by Sonoro, Berkeley Petroleum\n Mesopotamia Limited (\"Berkeley\") and Geopetrol Iraq Corp.\n (\"Geopetrol\"), collectively,  the \"Partners\", has completed the\n previously announced purchase of a new 750 horse power drilling rig for\n the Partners' planned asphalt operations in Salah ad Din Province,\n Iraq.  The new drilling rig is suited for exploration of the Partners'\n initial three well drilling campaign in Salah ad Din Province as well\n as further exploration drilling within the Partners' exclusive 24,000\n km2 license area.\n\n\nUpdated Investor Presentation\n\n\nThe Company has posted an updated investor presentation on its corporate\n website (www.sonoroenergy.com).\n\n\nSale of De-Asphalting Technology\n\n\nThe Company has completed the sale of its de-asphalting technology,\n including all of its assets in Albania and one of its two sonic\n generators in Richmond B.C., to PetroSonic Energy Inc. (BEAX:OTCBB)\n (\"Petrosonic\").\n\n\nIn exchange for the de-asphalting technology and assets, Sonoro received\n an initial payment of $250,000, a $250,000 convertible debenture (the\n \"Convertible Debenture\") and is entitled to a 10% royalty on\n Petrosonic's net revenues for 10 years from commencement of commercial\n operations in each jurisdiction where Petrosonic uses the de-asphalting\n technology. The Convertible Debenture is non-interest bearing, matures\n on June 29, 2014 and may be converted into common shares of Petrosonic\n at a price equal to the price per common share of a subsequent equity\n offering in which Petrosonic raises a minimum of $500,000.\n\n\nThe Company has retained its SonoAsh waste fly ash intellectual property\n rights and all other technology associated with the Sonic Generator\n outside of de-asphalting as well as the right to use the de-asphalting\n technology in Iraq.\n\n\nThe Company's decision to sell the de-asphalting technology is\n consistent with its focus on its core business, the exploration and\n development of resources under the Company's Asphalt License in Iraq.\n\n\nGrant of Options\n\n\nFinally, the...