DALLAS, July 9 /PRNewswire-FirstCall/ -- Sonoran Energy, Inc. (Pink Sheets: SNRN.PK), the independent oil and gas exploration and production company, today reported the results of its annual external reserves report, prepared by Haas Petroleum Engineering Services, Inc. The reserves report documents the NPV10 value (Net Present Value using a 10% annual discount factor) of the Company's proved reserves to be $56.7 Million as of April 30, 2008, compared with last year's $44.1 Million. The NPV10 value is based on an oil price of approximately $112 per barrel, corresponding to the realized price as of the Company's Year End - April 30 2008. The Company's proved reserves consist of 45% oil and 55% natural gas.
Peter Rosenthal, CEO commented: "I am pleased to see a good increase in the value of the Company's proved reserves. Our strategy is to further increase our domestic reserves through proving up our probable reserves, and increasing production by applying proven, best-practice techniques and technologies. With a clear focus and a strong team in place at Sonoran, we see good opportunities to add complementary projects and properties to our domestic portfolio."
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.
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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.