Message #18 From:
NewsBot Date: December 20, 2005 03:32:00 AM
SNRN News Sonoran Energy And Welltec Sign Worldwide Master Agreement To Enhance Production From U.S. And International Assets
PHOENIX--(BUSINESS WIRE)--Dec. 20, 2005--Sonoran Energy, Inc. (OTCBB:SNRN) announced today that it has signed a Worldwide Master Agreement with Welltec(R) Well Technologies ("Welltec") to enhance production from Sonoran Energy's U.S. and international oil and gas assets. Sonoran Energy anticipates the agreement with Welltec, the world leader in the development of cost-effective well intervention solutions for horizontal, vertical and deviated wells, will generate up to $20 million in work over the next three years. Welltec's costs will be met through an innovative funding arrangement that incorporates a revenue sharing/equity participation structure.
"We are extremely pleased to have signed this exclusive agreement with Welltec," said Peter Rosenthal, President and CEO of Sonoran Energy. "Welltec is a recognized leader in well intervention solutions, and with this agreement we are executing on our strategy to drive growth through partnerships with world-class companies. Welltec's tailor-made technology will substantially enhance the production from our U.S. and international assets and we expect to commence operations utilizing Welltec's unique technology in Louisiana in the first quarter of 2006."
Jorgen Hallundbaek, President and CEO of Welltec commented, "Sonoran Energy's management team has impressed us with its innovative partnership alignment model. This master agreement provides us with an exciting opportunity to partner with a fast growing, oil and gas company, enabling us to make the maximum use of our technology, while also sharing in the upside."
Welltec will assist Sonoran Energy with production enhancements, well work-overs, field redevelopment and other field related services to increase production from its U.S. assets. In addition, Sonoran Energy and Welltec will review the Company's international portfolio for similar applications, including its anticipated projects in the Middle East and Caspian region.
About Welltec(R)
Welltec(R) (www.welltractor.com) is the dominant leader in the development of cost-effective well intervention solutions for horizontal and deviated wells providing a range of Well Tractor services to deploy in open hole, cased hole and upon electric wireline or coiled tubing. Welltec's headquarters and manufacturing centre is situated north of Copenhagen in Denmark and contains state-of-the-art technology in terms of the most up to date in CAD/CAM, CNC lathes and vertical/horizontal machining centers. Welltec(R) has sales offices in the U.K. (Aberdeen), Norway (Bergen), U.S. (Anchorage, Houston, Midland), Angola (Luanda), Canada (Calgary), Australia (Perth), Brazil (Rio de Janerio), Venezuela (Caracas), Middle East (Abu Dhabi), and Asia Pacific/Middle East (Kuala Lumpur), providing global customer support and operation management.
About Sonoran Energy, Inc.
Sonoran Energy, Inc. is a US-based independent oil and gas company that is building a diversified portfolio of high value assets in North America, North Africa, the Middle East, and the Caspian region. Sonoran Energy explores, develops, and enhances the performance of high value oil and gas opportunities, leveraging the Company's innovative organizational alignment model with leading technical partners. For more information on the Company visit www.sonoranenergy.com.
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.
