Business
Sonoro to Close Previously Announced Farmout Transaction
TSX Venture Exchange Symbol: SNV CALGARY, Feb. 29, 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, Feb. 29, 2012 /CNW/ - Sonoro Energy Ltd. (\"Sonoro\" or the\n \"Company\") (TSXV: SNV) is pleased to announce that all conditions\n precedent have been met to close the previously announced farmout\n transaction (the \"Farmout\") with Geopetrol International Holding Inc.\n and its subsidiary, Geopetrol Iraq Corp. (collectively, \"Geopetrol\").  \n These satisfied conditions include the approval of the Al-Salah ad Din\n Provincial Government (the \"Government\") and the TSX Venture Exchange. \n In accordance with the terms of the Farmout Agreement, Sonoro\n anticipates that the Farmout will close in approximately one week, at\n which time the Company will issue a further news release confirming\n closing.\n\n\nIn addition to approving the Farmout, the Government has agreed to\n extend the time limit prescribed in the Asphalt License Agreement\n during which Sonoro, Berkeley Petroleum Mesopotamia Limited and\n Geopetrol (collectively, the \"Licensee\")  must construct an initial\n topping facility capable of processing a minimum of 1,000 barrels per\n day (the \"Topping Facility\").  The previous deadline of October 2012\n for construction of a Topping Facility has been extended to 18 months\n following a commercial discovery.\n\n\nAbout Sonoro\n\n\nSonoro is an international oil exploration and development company. Our\n current focus is resource exploration and development in Iraq.  We have\n initiated the evaluation of resource opportunities within our asphalt\n (heavy oil) license agreement, and new interests for conventional oil\n and gas exploration are being pursued in the Salah ad Din Province in\n the Republic of Iraq.\n\n\nForward Looking Information\n\n\nThis press release contains forward looking information, including but\n not limited to the closing of the Farmout.  The forward looking\n information is based on current expectations that involve a number of\n risks and uncertainties, which could cause actual results to differ\n materially from those anticipated.\n\n\nDue to the risks, uncertainties and assumptions inherent in forward\n looking information, prospective investors in the company's securities\n should not place undue reliance on forward looking information. Forward\n looking information contained in this pre...