Sonoran Energy Now Featured on MacReport
<a href=new.stockwatch.com>stockwatch.com 2003-04-14 12:37 ET - News Release
LOS ANGELES, April 14, 2003 (PRIMEZONE) -- Sonoran Energy, Inc. (OTCBB:SNRN) announced today that CEO John Punzo and Sonoran Energy, Inc. are now featured on MacReport.Net, a leading provider of online business and financial information, to increase the Company's exposure to the investor community at: www.macreport.net
Sonoran Energy has had a very positive recent history and is poised for growth and expansion. The MacReport.Net is an information and media company that provides a Web-based forum for public and private issuers to communicate corporate audio and video news content to the business, financial and investing community through its Web site, located at www.macreport.net. The MacReport.Net also plans to provide creative and production services to develop visual events ranging from live coverage of merger announcements to public relations campaigns to new product introductions.
Sonoran Energy recently announced that it has successfully reactivated eight of the 12 wells on its Emjayco Glide #33 Property and has started production. The Company anticipates reactivating four additional wells over the next 60 to 90 days. Sonoran also recently announced that it has acquired working interests in three natural gas producing properties in California's Sacramento Basin from Archer Exploration, Inc. Sonoran Energy has acquired varying percentages in the three properties that are producing 3,700 Mcf/day. These acquisitions increase the Company's natural gas production and reserves, and move Sonoran Energy closer to its goal of producing 2,500 to 5,000 Mcf/day. Through its partnership with Longbow LLC the Company intends to continue to make acquisitions over the next 12 to 24 months to reach this goal and enable the Company to become a producer of 1,000 to 1,500 BOE per day.
Domestic U.S. oil producers like Sonoran Energy, Inc. are positioned to significantly benefit from rising demand for U.S. domestic oil production in light of the brewing International oil production crisis due to war, strikes, and terrorist threats.
Just this month, the Nigerian subsidiaries of Royal Dutch/Shell Group (NYSE:RD) (NYSE:SC), ChevronTexaco Corp. (NYSE:CVX) and TotalFinaElf (NYSE:TOT) halted production totaling 817,500 barrels a day, or about 40% of Nigeria's output of some 2 million b/d amid violence between rival ethnic groups, the Ijaws and Itsekiri, leading up to April 19 parliamentary and presidential elections. Militant Ijaws reportedly threatened to blow up multinational oil installations they said they had captured in retaliation for government military raids. Additionally, oil-well firefighters from Houston-based Boots & Coots International Well Control (AMEX:WEL) are traveling to southern Iraq to assess damage in the country's key Rumaila oil fields. The firefighting teams are looking at a timetable of 30 to 45 days to extinguish the fires and cap the wells. But one source said the timing will depend on ``what's all there.'' The Pentagon has contacted a number of major oil industry service companies -- among them Halliburton Co. (NYSE:HAL), once run by Vice President Dick Cheney -- to repair any of Iraq's wells that are damaged and assess everything from wells to pipelines and pumping stations.
Venezuela's oil industry collapsed in December, when employees at state-owned Petroleos de Venezuela walked off the job, angry about changes in the company under the administration of President Hugo Chavez. By the height of the strike, 16,000 employees had walked out, and production shrank to 200,000 barrels a day, costing Venezuela $6 billion. The country had to import fuel to keep vehicles moving, and drivers waited days at gas stations. The strike, which failed to oust Chavez or call early elections, was strongest in the oil sector, though businesses around the country shut down.
About Sonoran Energy
Sonoran Energy's primary objective is to identify, acquire and develop working interest percentages in smaller, underdeveloped oil and gas projects that do not meet the minimum requirements of major oil and gas corporations. Sonoran Energy's goal is to be recognized as a promising junior oil and gas producer.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
CONTACT: Sonoran Energy John Punzo (866) 599-7676 info@sonoranenergy.com www.sonoranenergy.com