TSX Venture Exchange Symbol: SNV
CALGARY, Sept. 22 /PRNewswire-FirstCall/ - Sonoro Energy
Ltd. ("Sonoro" or "the Company") (TSXV: SNV) is pleased to announce
the appointment of four new accomplished executives. These new
executives will become a core part of Sonoro's management team
carrying forward the Company's strategy to pursue and develop heavy
oil resources utilizing its technology and experience in the
Middle East and
internationally.
Dick ter Avest will become Sonoro's Chief Operating Officer. He
has twenty years of international oil and gas experience, of which
14 years where spent with Shell in several senior management roles
in the Middle East, Europe and Asia
Pacific. Mr. ter Avest was recently the CEO of Advanced Well
Technologies and prior to that was with Woodside Energy and Shell.
His accomplishments include growing Petroleum Development Oman's
("PDO") Qarn Alam assets, doubling production to 90,000 barrels of
oil equivalent per day (boepd) within 3 years, leading field
development of a US$1 billion
offshore oilfield for Woodside Energy, and re-starting the stranded
400 million barrel Vincent heavy oil offshore field with Woodside.
Mr. ter Avest has also successfully led oil and gas field
acquisitions and divestments with values up to US$500 million.
Robin Hamersma will become
Sonoro's Chief Business Development Officer. Mr. Hamersma has over
twenty years of international oil and gas experience in technical,
procurement, petroleum economics, commercial and leadership
positions. Most recently he was commercial manager in Netherland's
largest operated oil and gas company, NAM, where he was responsible
for joint venture management, infrastructure and equity deals,
commercial agreements and managing relationships with joint venture
partners, governments and other stakeholders. Previously he held
various senior positions in Europe
and the Middle East with Shell UK
E&P and PDO. His accomplishments include implementing new
multi-lateral drilling and completion technologies in the North
Sea, developing tender strategies, negotiating and managing local
and global supplier agreements (US$ 300
million) for PDO and the Shell Group and delivering various
unitization, acquisition and divestiture and equity type deals for
NAM and Shell UK.
Robert Sandor will become
Sonoro's Chief Development Officer. Mr. Sandor is an E&P
professional with twenty years experience in technical, commercial
and managerial positions with Shell, working in Europe, Asia
and West Africa. Most recently, he
was a member of Shell's corporate strategy group. He has a proven
track record in operational asset management, project management,
and oil and gas field development. Mr. Sandor's career highlights
include commercialization of a 1 Tcf offshore tight gas opportunity
applying proven onshore fracturing technology, taking several
infrastructure rejuvenation projects to commerciality (US$ 500 million) and leading both green field and
brown field redevelopment projects, including their integration
into existing infrastructure.
Quinton Rafuse will become
Sonoro's Chief of Exploration. Mr. Rafuse is a professional
geologist with over ten years of experience in the oil and gas
industry in various technical and leadership roles. Most recently,
he helped establish 3P International Energy Corp. and the
acquisition of its Ukrainian assets. Formerly, Mr. Rafuse was CEO
of Avere Energy Ltd. (now named East West Petroleum) when it
successfully won 4 of 11 blocks in Romania's last bid round in June 2010. His previous experience includes
Vice-President Geoscience for Ember Resources Inc., where
production increased from 300 boepd to 5,000 barrels of boepd
during his tenure. Prior to that Mr. Rafuse worked as a geologist
for Thunder Energy Inc. and EnCana Corporation.
Richard Wadsworth commented "In
the pursuit of our strategy to capture and apply our technology to
heavy oil resource plays in the Middle
East, I am very pleased to have expanded our team to include
these outstanding individuals with their experience and track
records which will enable Sonoro to execute the delivery of
projects as they are acquired."
Mr. ter Avest, Mr. Hamersma and Mr. Sandor will be located in
the Netherlands at the Company's
newly established wholly-owned subsidiary, Sonoro Energy Holdings
International B.V. This will facilitate the execution of the
Company's existing projects in Albania and future projects being pursued in
the Middle East, Europe and internationally. Mr. Rafuse will be
located at Sonoro's head office in Calgary, Alberta.
The Company is pursuing oil and gas development opportunities in
the Middle East and
internationally with an initial focus on heavy oil and bitumen
resources. The Company's proprietary technology provides a
strategic competitive advantage in capturing and developing such
resources. The Company is also currently constructing its first
joint venture using the Company's PetroSonic process in
Albania.
In association with this announcement the Company has granted
2,500,000 stock options to management, employees and consultants
exercisable at $0.29 per share over a
five 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking statements,
including the amount of the offering and its completion, are
subject to risks and uncertainties, including those specific
factors disclosed under the heading "Risk Factors" and elsewhere in
the Company's periodic filings with Canadian securities regulators.
Such information contained herein represents management's best
judgment as of the date hereof based on information currently
available. The Company does not assume the obligation to update any
forward-looking statement except in compliance with applicable
securities laws.
Suite 1000, 600 - 6th Avenue SW, Calgary, AB T2P 0S5 T (403) 774-4050,
www.sonoroenergy.com
SOURCE Sonoro Energy Ltd.
Copyright . 22 PR Newswire
