(via Thenewswire.ca)
Calgary, Alberta / TheNewswire / May 31 2016 - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV: SNV) hereby provides an update to the April 26, 2016 news release and planned closing for the non-brokered private placement (the "Offering"), the proposed acquisition of all of the issued and outstanding shares of Stockbridge Oil and Gas Ltd. ("Stockbridge") (the "Transaction") and the Option Agreement (the "Option").
The Company and Stockbridge previously anticipated closing the Offering, the Transaction and the Option on or before May 30, 2016. While the necessary documents for closing are near completion, Sonoro and Stockbridge have agreed to delay the closing to ensure sufficient time to receive all of the documents for closing. Sonoro and Stockbridge anticipate closing the Offering, the Transaction and the Option on or before Wednesday June 8, 2016.
About Sonoro
Sonoro is an international oil and gas resource exploration and development company. The Company's primary focus had been on its asphalt license agreement in the Salah ad Din province. With this license under Force Majeure since July 3, 2014 and requiring additional federal approval, the Company is refocusing its efforts to Southeast Asia in connection with the Transaction.
Forward-looking Statements
This press release contains "forward-looking statements" which may include estimates of future production, cash flows and earnings, business plans for the development of markets and the estimated amounts and timing of capital expenditures, the completion of capital raising and other statements about future events (often, but not always, using words or phrases such as "expects", "anticipates" or "intends" or stating that certain events or results "may" be achieved).
Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. Forward-looking statements are based on the estimates and opinions of the management team at the time the statements are made.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated.
The Company has no obligation to update these forward-looking statements should circumstances or management's estimates or opinions change.
Persons reading this release should be aware that our future performance is subject to a wide range of risk factors including:
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-the Company's inability to raise sufficient funds to complete the Offering and the Transaction
-volatility in market prices for oil, natural gas and other hydrocarbons
-economic conditions internationally
-industry conditions (including changes in laws and regulations)
-the results of technology development and commercial development of that technology
-the ability of the Company to access new markets and secure partners to develop those markets
-unexpected changes in the development of the Company's technology
-the Company's ability to access sufficient capital
All of these factors are beyond the Company's control and may have a material negative effect on the Company's performance.
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.
ON BEHALF OF THE BOARD OF SONORO ENERGY LTD.
"Richard Wadsworth" Chairman and CEO
Suite 600, 520-5th Ave S.W.
Calgary, Alberta T2P 3R7
Tel: (403) 262-3252
Web Site: http://www.sonoroenergy.com/
This press release is not to be disseminated in the United States
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