Message #2 From:
NewsBot Date: December 14, 2004 11:50:05 AM
Sonoran Energy SNRN, News Message Board
Government of Jordan and Sonoran Energy Formally Sign Memorandum of Understanding
AMMAN, Jordan--(BUSINESS WIRE)--Dec. 14, 2004--Sonoran Energy, Inc. (OTCBB:SNRN) President and CEO Peter Ostenfeld-Rosenthal announced today that the Company has signed a Memorandum of Understanding (MOU) with the National Resources Authority (NRA) of the Government of Jordan. The formal signing of the MOU follows last week's approval by the Government. The work, which will begin immediately, is aimed at assessing both the Hamzah field and the exploration potential of the Azraq Block which is located to the east of Jordan's capital city, Amman (http://www.nra.gov.jo/hydrocarbons.htm).
At the end of the five-month study, Sonoran Energy will have the first option on a PSA subject to agreeing on a mutually acceptable work program with the NRA.
"The formal signing of the MOU is a significant step forward for Sonoran Energy and further establishes our presence in the Middle East," said Peter Ostenfeld-Rosenthal The Azraq Block contains the Hamzah oil field and has seen little modern exploration. Sonoran Energy will study the potential for increasing production from the field through the use of modern drilling, completion and field development techniques. Sonoran will also evaluate the exploration potential of the adjacent acreage."
"The Government of Jordan has been extremely forward thinking in its approach to Sonoran Energy's proposal to study the Azraq Block," said Ala Nuseibeh, Sonoran Energy Middle East Executive Vice President. "David Mackertich, Sonoran Energy's Vice President of Exploration and New Ventures, is currently in Jordan to begin work on the program which will include working with NRA officials and local geophysical organizations. Sonoran Energy is looking forward to building a long-term relationship with the Government of Jordan to enhance the Country's oil production potential for many years to come."
About Sonoran Energy
Sonoran Energy, Inc. is an independent oil and gas company that is building a diversified portfolio of high value oil and gas assets in North Africa, the Middle East, the Caspian region and North America. With a presence in the UK, Middle East, Asia, and North America, Sonoran Energy explores, develops, and enhances the performance of material and high value oil and gas opportunities, leveraging the Company's technical expertise, and extensive industry and governmental connections.
