DALLAS, June 20 /PRNewswire-FirstCall/ -- Sonoran Energy, Inc. (OTC:SNRN), the independent oil and gas exploration and production company, today announced the completion of the first part of a series of convertible notes in order to secure the necessary funding for the Company's capital program in Texas and Louisiana.
The financing has been made by two of the Company's largest share holders. The first tranche consists of $1 Million as a three year convertible note carrying a 10% interest and a fixed conversion price of $0.10 per share. There are no associated warrants.
Peter Rosenthal, Sonoran Energy Chairman & CEO said: "I am pleased with the continued support from two of our largest share holders."
About Sonoran Energy, Inc.
Sonoran Energy is a US-based independent oil and gas company that explores, develops, and enhances the performance of high value oil and gas opportunities. With a focus on health, safety and the environment, Sonoran Energy leverages its innovative organizational alignment model with leading technical partners.
For more information contact: Investor Relations Dana Johnston Taylor Rafferty Tel: (212) 889-4350 Email: firstname.lastname@example.org
This news release may contain 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.
Source: Sonoran Energy, Inc.