Government of Jordan and
Sonoran Energy Formally Sign Memorandum of Understanding
December 2004
Sonoran Energy, Inc. (OTCBB:SNRN) President and CEO Peter Ostenfeld-Rosenthal
announced today that the Company has signed a Memorandum of Understanding (MOU)
with the National Resources Authority (NRA) of the Government of Jordan. The
formal signing of the MOU follows last week's approval by the Government. The
work, which will begin immediately, is aimed at assessing both the Hamzah field
and the exploration potential of the Azraq Block which is located to the east of
Jordan's capital city, Amman (http://www.nra.gov.jo/hydrocarbons.htm).
At the end of the five-month study, Sonoran Energy will have the first option on
a PSA subject to agreeing on a mutually acceptable work program with the NRA.
"The formal signing of the MOU is a significant step forward for Sonoran Energy
and further establishes our presence in the Middle East," said Peter Ostenfeld-Rosenthal
The Azraq Block contains the Hamzah oil field and has seen little modern
exploration. Sonoran Energy will study the potential for increasing production
from the field through the use of modern drilling, completion and field
development techniques. Sonoran will also evaluate the exploration potential of
the adjacent acreage."
"The Government of Jordan has been extremely forward thinking in its approach to
Sonoran Energy's proposal to study the Azraq Block," said Ala Nuseibeh, Sonoran
Energy Middle East Executive Vice President. "David Mackertich, Sonoran Energy's
Vice President of Exploration and New Ventures, is currently in Jordan to begin
work on the program which will include working with NRA officials and local
geophysical organizations. Sonoran Energy is looking forward to building a
long-term relationship with the Government of Jordan to enhance the Country's
oil production potential for many years to come."
About Sonoran Energy
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 Africa, the
Middle East, the Caspian region and North America. With a presence in the UK,
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.