Calgary, Alberta / ACCESSWIRE / July 3, 2014 - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSX-V: SNV) hereby provides a further update on its asphalt license (the "Asphalt License") in Iraq with the Salah ad Din provincial government (the "Provincial Government").
The Company has worked with the Provincial Government towards obtaining the necessary federal approvals for its Asphalt License. However, with the recent events and security situation deteriorating in Iraq, especially in the area of Salah ad Din, it has become unpractical and unsafe to continue having meetings with the Provincial Government, as well as with the federal government. As a result of the current circumstances in Iraq, as well as the continued delays in obtaining these necessary federal approvals to progress the license, the Company has provided notice of "Force Majeure" to the Provincial Government in accordance with the terms of the Asphalt License agreement (the "Asphalt License Agreement"), on behalf of the Asphalt License partners.
The Asphalt License Agreement Force Majeure clause requires both the Company and the Provincial Government to meet to discuss how to resolve the issues in question. The Company and the Provincial Government have agreed to do this once the security situation stabilizes. Timing of this is uncertain at this time.
In the meantime the Company is reviewing its strategic direction and alternatives.
The Company wishes the Provincial Government and people of Salah ad Din and Iraq a quick and peaceful resolution to the ongoing insurrection and violence.
Sonoro is an international unconventional resource exploration and development company. Our current focus is a pure play on bitumen/asphalt resource exploration and development in Iraq. Sonoro continues the evaluation of resource opportunities in Iraq and under our Asphalt License Agreement in the Salah ad Din Province while we pursue final Federal approvals.
Certain statements in this news release may constitute "forward-looking information" ("forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "estimate", "potential", "could", "ongoing", "prospective", "expected" and similar words suggesting future outcomes. By their nature, forward-looking statements are based on current expectations regarding future events that involve a number of assumptions, known and unknown risks, and uncertainties. Actual results, performance or achievements of Sonoro, or the industry, may vary materially from what is expressed or implied by such forward-looking statements.
These forward-looking statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance to be materially different from those we project. These risks and uncertainties include, but are not limited to: (1) risks associated with obtaining, maintaining and the timing of receipt of regulatory approvals, permits, and licenses; (2) uncertainties related to financing of Sonoro's exploration activities and continued operations through access to capital markets; (3) the risk of volatile global economic conditions; (4) continued political stability; and (5) continued support from the local communities.
Given these uncertainties, you should not rely on forward-looking statements. These forward-looking statements also represent our estimates and assumptions only as of the date that they initially were made. We expressly disclaim a duty to provide updates to any forward-looking statements, and the estimates and assumptions associated with them, to reflect events or circumstances or changes in expectations or the occurrence of anticipated events after the date they initially were made, except and to the extend required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Chairman and CEO