Sonoro Adds Development and Operations Team
09:23 EDT Wednesday, September 22, 2010
TSX Venture Exchange Symbol: SNV
CALGARY, Sept. 22 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSXV: SNV) is pleased to announce the appointment of four new accomplished executives. These new executives will become a core part of Sonoro's management team carrying forward the Company's strategy to pursue and develop heavy oil resources utilizing its technology and experience in the Middle East and internationally.
Dick ter Avest will become Sonoro's Chief Operating Officer. He has twenty years of international oil and gas experience, of which 14 years where spent with Shell in several senior management roles in the Middle East, Europe and Asia Pacific. Mr. ter Avest was recently the CEO of Advanced Well Technologies and prior to that was with Woodside Energy and Shell. His accomplishments include growing Petroleum Development Oman's ("PDO") Qarn Alam assets, doubling production to 90,000 barrels of oil equivalent per day (boepd) within 3 years, leading field development of a US$1 billion offshore oilfield for Woodside Energy, and re-starting the stranded 400 million barrel Vincent heavy oil offshore field with Woodside. Mr. ter Avest has also successfully led oil and gas field acquisitions and divestments with values up to US$500 million.
Robin Hamersma will become Sonoro's Chief Business Development Officer. Mr. Hamersma has over twenty years of international oil and gas experience in technical, procurement, petroleum economics, commercial and leadership positions. Most recently he was commercial manager in Netherland's largest operated oil and gas company, NAM, where he was responsible for joint venture management, infrastructure and equity deals, commercial agreements and managing relationships with joint venture partners, governments and other stakeholders. Previously he held various senior positions in Europe and the Middle East with Shell UK E&P and PDO. His accomplishments include implementing new multi-lateral drilling and completion technologies in the North Sea, developing tender strategies, negotiating and managing local and global supplier agreements (US$ 300 million) for PDO and the Shell Group and delivering various unitization, acquisition and divestiture and equity type deals for NAM and Shell UK.
Robert Sandor will become Sonoro's Chief Development Officer. Mr. Sandor is an E&P professional with twenty years experience in technical, commercial and managerial positions with Shell, working in Europe, Asia and West Africa. Most recently, he was a member of Shell's corporate strategy group. He has a proven track record in operational asset management, project management, and oil and gas field development. Mr. Sandor's career highlights include commercialization of a 1 Tcf offshore tight gas opportunity applying proven onshore fracturing technology, taking several infrastructure rejuvenation projects to commerciality (US$ 500 million) and leading both green field and brown field redevelopment projects, including their integration into existing infrastructure.
Quinton Rafuse will become Sonoro's Chief of Exploration. Mr. Rafuse is a professional geologist with over ten years of experience in the oil and gas industry in various technical and leadership roles. Most recently, he helped establish 3P International Energy Corp. and the acquisition of its Ukrainian assets. Formerly, Mr. Rafuse was CEO of Avere Energy Ltd. (now named East West Petroleum) when it successfully won 4 of 11 blocks in Romania's last bid round in June 2010. His previous experience includes Vice-President Geoscience for Ember Resources Inc., where production increased from 300 boepd to 5,000 barrels of boepd during his tenure. Prior to that Mr. Rafuse worked as a geologist for Thunder Energy Inc. and EnCana Corporation.
Richard Wadsworth commented "In the pursuit of our strategy to capture and apply our technology to heavy oil resource plays in the Middle East, I am very pleased to have expanded our team to include these outstanding individuals with their experience and track records which will enable Sonoro to execute the delivery of projects as they are acquired."
Mr. ter Avest, Mr. Hamersma and Mr. Sandor will be located in the Netherlands at the Company's newly established wholly-owned subsidiary, Sonoro Energy Holdings International B.V. This will facilitate the execution of the Company's existing projects in Albania and future projects being pursued in the Middle East, Europe and internationally. Mr. Rafuse will be located at Sonoro's head office in Calgary, Alberta.
The Company is pursuing oil and gas development opportunities in the Middle East and internationally with an initial focus on heavy oil and bitumen resources. The Company's 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.
In association with this announcement the Company has granted 2,500,000 stock options to management, employees and consultants exercisable at $0.29 per share over a five year term in accordance with the Company's stock option plan. The terms and conditions of the grant are subject to the approval of the TSX Venture Exchange.
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