LOS ANGELES, April 1, 2003 (PRIMEZONE) -- Sonoran Energy, Inc. (OTCBB:SNRN) announced today that it has acquired working interests in three natural gas producing properties in California's Sacramento Basin from Archer Exploration, Inc. Sonoran Energy has acquired varying percentages in the three properties that are producing 3,700 Mcf/day.
The first property located in the Malton-Black Butte Gas Field, Tehama County, consists of a 10% working interest in six wells and a water injection well producing a combined 1000 Mcf/day. The estimated economic life of production of this field is 20 years from present.
The second property located in the Denverton Creek Gas Field, Solano County, consists of a 1.25% working interest in seven wells operated by Aspen Exploration. As of January 1, 2003 the wells were producing 1000 Mcf/day.
The third property located in the Maine Prairie Gas Field, Solano Country, consists of a 1.41% working interest in four wells producing 1,700 Mcf/day as of January 1, 2003.
John Punzo, CEO stated, "Management is moving closer to its goal of executing the strategic initiatives previously announced. This is just the beginning of our growth and we are now are focusing on rolling up additional opportunities and furthering our operational progress and strategy."
These acquisitions increase the Company's natural gas production and reserves, and move Sonoran Energy closer to its goal of producing 2,500 to 5,000 Mcf/day. Through its partnership with Longbow LLC the Company intends to continue to make acquisitions over the next 12 to 24 months to reach this goal and enable to the Company to become a producer of 1,000 to 1,500 BOE per day.
About Sonoran Energy
Sonoran Energy's primary objective is to identify, acquire and develop working interest percentages in smaller, underdeveloped oil and gas projects that do not meet the minimum requirements of major oil and gas corporations. Sonoran Energy's goal is to be recognized as a promising junior oil and gas producer.
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.