JOHNSTON, R.I., Feb. 28, 2013 /PRNewswire/ -- Sungro Minerals, Inc. (SUGO) a Diversified Exploration Stage Mining Company, announced today that it has acquired a twenty eight percent (28%) interest in the Grande Chenier Field in Cameron Parish, LA from Sigma Gamma Interests, LLC. The interest was acquired for $2.0 million. The property, which was evaluated by Netherland, Sewell & Associates, Inc. a worldwide petroleum consultant, has an estimated net present value in excess of $100 million dollars with proven reserves in excess of $8.0 million.
Sungro expects that in the next few weeks, it will assume the responsibility as the Operator of Record and contract with the necessary professionals to begin production on the Nunez 1 well.
Erwin Vahlsing, Jr., our CFO stated, "With this acquisition, Sungro expects to achieve profitability and be cash flow positive within our fiscal second quarter beginning March 1st."
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