Message #11 From:
NewsBot Date: October 17, 2005 06:06:00 AM
SNRN News Sonoran Energy Estimates Reserves of up to 30 Million Barrels of Oil in the Jordan Azraq Block
AMMAN, Jordan--(BUSINESS WIRE)--Oct. 17, 2005--Sonoran Energy, Inc. (OTCBB:SNRN) announced today that based on the results of its comprehensive technical study of Jordan's Azraq Block the Company believes the Block contains reserves of up to 30 million barrels of oil. The Company has finalized a Production Sharing Agreement (PSA) for the Azraq Block with the Natural Resources Authority (NRA) of the Hashemite Kingdom of Jordan. The terms of the PSA give Sonoran Energy a 60 percent production share in the Block.
"Based on our technical study of the Block we are now confident that there is a sizeable untapped oil resource in this region of Jordan," said Peter Rosenthal, Sonoran Energy President and CEO. "Not only do we believe the Azraq Block contains oil reserves upwards of 30 million barrels, we believe there is an opportunity for the discovery of new structures that could add significantly to the resource potential. Furthermore, under the PSA Sonoran Energy becomes the operator of the Hamzah oil field, where our immediate target is to apply new technology and significantly enhance production in a relatively short period."
"We believe in Jordan's oil production potential and have been particularly impressed by the support of the government authorities and look forward to embarking on this very exciting opportunity," said Ala Nuseibeh, Sonoran Energy Executive Vice President Middle East Operations.
Sonoran Energy plans to explore for new fields in the Azraq area with the expectation of discovering new fields and additional new plays. The Company believes that new 3D seismic data will reveal such fields, which will add further upside to the Block.
The PSA, which has already been endorsed by the Jordanian Government Cabinet, is now being passed to the Jordanian Parliament for ratification in its next session, leading to the signature by His Majesty King Abdullah II, King of Jordan.
The Azraq Block (http://www.nra.gov.jo/hydrocarbons.htm), which is located east of the city of Amman, is approximately 11,250 sq. km. in size and contains the Hamzah oil field, which has been producing since 1985. The Hamzah field lies in the eastern part of the Block bordering Saudi Arabia and containing the Azraq-Sirhan Graben, which is mature for oil generation.
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.
