Sonoro Terminates Advisory and Consulting Agreement

About this update from Sonoro Energy Ltd.

[{"type":"text","content":"\n\n\nTSX Venture Exchange Symbol: SNV\n\n\nCALGARY, July 11, 2013 /CNW/ - Sonoro Energy Ltd. (\"Sonoro\" or \"the\n Company\") (TSX-V: SNV) announces that the Company has changed its\n strategy of making significant use of advisory and consulting services\n in Iraq to primarily utilizing its own established network. With this\n change, the Company has terminated its advisory and consulting\n agreement with Amira Management B.V. (an entity with the same\n principals as Berkeley Petroleum Mesopotamia Limited (\"Berkeley\"),\n which is one of the licensees under the Company's Asphalt License with\n Salah ad Din Province). This advisory and consulting agreement has been\n in place since signing the Asphalt License. Given continued significant\n unexpected delays and a lack of progress in obtaining the required\n approvals, the Company felt it needed to take more aggressive and\n direct actions. The Company plans to continue recent discussions\n directly with relevant government officials and authorities in Iraq in\n relation to obtaining the necessary approvals and commencement of\n operations under its Asphalt License.\n\n\nFurther, in November 2011, the Company loaned Berkeley $500,000. \n Berkeley provided the Company with a promissory note for the principal\n amount plus interest at a rate of 6% per annum.  This promissory note\n was previously extended by Sonoro to a maturity date of June 30, 2013.\n To date the Company has received interest payments to March 31, 2013. \n Payment of the promissory note is now overdue and the Company has\n issued to Berkeley a notice of default and request for immediate\n payment.\n\n\nThe Company continues to receive strong support from Geopetrol Iraq\n Corp., its partner under the Asphalt License, in relation to the\n Company's strategy shift to emphasize direct government relations and\n in pursuing the approvals under the Asphalt License.\n\n\nAbout Sonoro\n\n\nSonoro is an international oil exploration and development company.  Our\n current focus is a pure play on asphalt resource exploration and\n development in Iraq.  Sonoro has initiated the evaluation of resource\n opportunities under our asphalt license agreement in the Salah ad Din\n Province.\n\n\nForward-Looking Information\n\n\nCertain statements in this news release may constitute \"forward-looking\n inf...

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