PHOENIX--(BUSINESS WIRE)--Oct. 5, 2005-- Sonoran Energy, Inc. (OTCBB:SNRN) announced today that the Company will be closing a $7 to $10 million private equity placement over the next few weeks. Sonoran Energy had originally set a $7 to 10 million target to fund the Company's field development operations at its current assets in the U.S., and to support its projects in the Middle East. The financing round consists of several private placements by investors and institutions of which the largest single investment has been $2,500,000.
"When we decided several months ago to undergo this process, our goal was to fund the equity portion of our domestic operations. This would enable the Company to aggressively start the development of its oil production in the fields that we currently own," said Peter Rosenthal, Sonoran Energy President and CEO. "Due to the positive response the Company has received in the Middle East and Europe, we are pleased to announce we are now in a position to close on this private equity round."
Rikky Hasan, Managing Director of investment bank MTM Corporate Finance which led the fundraising stated, "The private placement is being executed at or around market price, which is a reflection of the strong demand for Sonoran stock and confidence in Sonoran's management and their strategy for value creation. We have been pleased with the progress to date as much of the appetite for this round has come from the Middle East, which is a key strategic region for the Company."
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.
Sonoran Energy, Inc. (OTC Bulletin Board:SNRN)
KEYWORD: NORTH AMERICA AFRICA/MIDDLE EAST ARIZONA NEW YORK UNITED STATES CANADA INDUSTRY KEYWORD: ENERGY OIL/GAS CONTRACT/AGREEMENT SOURCE: Sonoran Energy, Inc.
CONTACT INFORMATION: Allen & Caron Joe Allen Investors (212) 691-8087 joe*allencaron.com OR Allen & Caron Brian Kennedy Media (212) 691-8087 brian*allencaron.com OR Sonoran Energy, Inc. Barry Forward Corporate Communications (866) 676-8386 info*sonoranenergy.com www.sonoranenergy.com
-------------------- "I sell ice in the winter, i sell fire in hell, I AM A HUSTLA, BABY, i sell water to a well!"
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posted
Guys, check this out from another board... something to radar.
Have some info guys. Just talked to Barry, the IR guy who works at SNRN, hes not a seperate entity.
Anyway, the reason this fell was a former director left and sold all his shares. They have been waiting to put out news when the person was done selling so that they can get the price moving up again. They have 3 pr's in the works, and he "hinted" that one of them will be a "tremendous" pr of major implications. I can only guess that that is the pr about the oil discovery.
I think this is going up guys, in a big way, very very soon.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM!
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The Company generated total revenues of $1,390,685 during the nine months ended January 31, 2006 as compared to $278,076 revenue generated for the nine months ended January 31, 2005.
The significant increase in the Company’s revenue is a direct result of the acquisition of the East Texas properties and the increased production in Louisiana, coupled with higher oil prices this fiscal year. In addition, the Company generated $ 306,062 in consulting revenue through its acquisition of Scottsdale Oil.
posted
I am definately what you would call interested in this stock, but then again my opinion doesn't really mean much because a lot of the stocks ive liked lately havent done jack or ****.
-------------------- *I'm not a financial expert or advisor, everything stated is my opinion*
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