SNRN News Sonoran Energy and AGR Sign Strategic Cooperation Agreement: AGR to Invest $3 Million in Sonoran, Provide Technical Support, and Pursue Joint Venture Projects
PHOENIX--(BUSINESS WIRE)--Dec. 8, 2005--Sonoran Energy, Inc. (OTCBB:SNRN), President and CEO Peter Rosenthal announced today that the Company has signed a Strategic Cooperation Agreement with AGR (www.AGR.no). Under the Agreement, AGR will invest $3 Million into Sonoran Energy, provide technical support and resources, and pursue joint venture oil and gas opportunities with the Company worldwide. The agreement with AGR, a leading international provider of services for the global oil and gas industry, will see AGR partner with Sonoran Energy to provide a portfolio of technical services for the planning and execution of projects, especially relating to asset management, exploration, drilling/completion, and production of wells/fields.
"We are extremely pleased to have reached this agreement with AGR," said Peter Rosenthal Sonoran Energy President and CEO. "This is a major milestone in achieving our goal of building our organizational structure through partnerships with world-class companies. Together with AGR we are now in a position to aggressively accelerate the development of our diverse worldwide portfolio of projects. AGR has access to wide range of technology, and also has an experienced team in place to further development of those projects. In addition, AGR has made a substantial investment in Sonoran Energy, and has the opportunity to share in the upside as we move forward."
Per Inge Remmen, Managing Director of AGR commented, "This strategic partnership is an excellent opportunity to combine our technical expertise and capacity with Sonoran Energy's growing portfolio of high quality international oil and gas projects. We believe Sonoran Energy has great potential and together with the Company's experienced management team, we look forward to a long and successful partnership."
AGR has already started working for Sonoran Energy, having deployed several members of its team to the Company's projects in Jordan and the U.S. Sonoran and AGR also plan to review several new projects in North America, the Middle East, North Africa and the Caspian region.
AGR (www.AGR.no) is a leading international provider of specialized services for the global oil and offshore industries based on innovative and technologically advanced solutions. AGR is also Norway's largest supplier of drilling management services and resource personnel to the Norwegian oil and gas industry. The Company's core areas of business include: Well Services, Subsea Operations, Pipeline Inspection, Manning Services, Management Services, Asset Integrity Management, Project Services, Drilling Management Services, and Outsourcing of Drilling Departments. AGR is headquartered in Bergen, Norway and has over 800 employees worldwide.
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.
