Message #10 From:
NewsBot Date: October 5, 2005 06:40:00 AM
SNRN News Sonoran Energy to Close $7 to $10 Million Dollar Private Equity Fundraising Round
PHOENIX--(BUSINESS WIRE)--Oct. 5, 2005--Sonoran Energy, Inc. (OTCBB:SNRN) announced today that the Company will be closing a $7 to $10 million private equity placement over the next few weeks. Sonoran Energy had originally set a $7 to 10 million target to fund the Company's field development operations at its current assets in the U.S., and to support its projects in the Middle East. The financing round consists of several private placements by investors and institutions of which the largest single investment has been $2,500,000.
"When we decided several months ago to undergo this process, our goal was to fund the equity portion of our domestic operations. This would enable the Company to aggressively start the development of its oil production in the fields that we currently own," said Peter Rosenthal, Sonoran Energy President and CEO. "Due to the positive response the Company has received in the Middle East and Europe, we are pleased to announce we are now in a position to close on this private equity round."
Rikky Hasan, Managing Director of investment bank MTM Corporate Finance which led the fundraising stated, "The private placement is being executed at or around market price, which is a reflection of the strong demand for Sonoran stock and confidence in Sonoran's management and their strategy for value creation. We have been pleased with the progress to date as much of the appetite for this round has come from the Middle East, which is a key strategic region for the Company."
About Sonoran Energy, Inc.
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 America, the Middle East, the Caspian region and North Africa. With a presence in the 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.
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
