TSX Venture Exchange Symbol: SNV August
10, 2010
CALGARY, Aug. 10 /PRNewswire-FirstCall/ - Sonoro Energy
("Sonoro" or "the Company") (TSXV: SNV) is pleased to announce that
Nasser Bin Jarallah has agreed to join the Board of Directors of
Sonoro Energy Ltd.
Mr. Bin Jarallah is an established business leader in the
Middle East. He is the CEO and
Vice President of the Bin Jarallah Group of Companies in
Saudi Arabia. The Jarallah Group
was founded in 1976 and employs over 8,000 people across
Saudi Arabia in multiple sectors,
including asphalt, oil and gas, petrochemicals and construction.
Mr. Bin Jarallah has presided over the growth of the group. Among
other projects, the group is building a major new seamless pipe
mill at the Jubail Industrial City. The 600,000-ton per year plant
is a joint venture with steel giant ArcelorMittal and will address
a shortage in the region of high-end line pipes and other products
for the oil and gas industry.
"We are extremely pleased to have Mr. Nasser Bin Jarallah join
the Board," said Richard Wadsworth,
CEO of Sonoro Energy. "With his extensive business successes, he
brings a wealth of knowledge, experience and influence, which will
assist with our growth plans in the pursuit of new projects in the
Middle East and
internationally."
In association with this announcement the Company has granted
500,000 stock options to Mr. Bin Jarallah, exercisable at
$0.115 per share over a 5 year term
as per the company stock option plan. The terms and conditions of
the grant are subject to the approval of the TSX Venture
Exchange.
Sonoro is a public company with its head office based in
Calgary, Canada. The Company is
pursuing oil and gas development opportunities in the Middle East and internationally with an
initial focus on heavy oil, bitumen and asphalt resources. The
Company believes that its proprietary technology provides a
strategic competitive advantage in capturing and developing such
resources. The Company is also currently constructing its first
joint venture using the Company's PetroSonic process in
Albania. Technology development
with its proprietary sonic reactor platform continues with oil
sands extraction and conversion of fly ash from coal-powered
stations into a cement substitute.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking statements,
including the amount of the offering and its completion, are
subject to risks and uncertainties, including those specific
factors disclosed under the heading "Risk Factors" and elsewhere in
the company's periodic filings with Canadian securities regulators.
Such information contained herein represents management's best
judgment as of the date hereof based on information currently
available. The Company does not assume the obligation to update any
forward-looking statement except in compliance with applicable
securities laws.
SOURCE Sonoro Energy Ltd.
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