LOS ANGELES, April 23, 2003 (PRIMEZONE) -- Sonoran Energy, Inc. (OTCBB:SNRN) is pleased to announce today that it has joined the Independent Petroleum Association of America. IPAA (http://www.ipaa.org) represents the thousands of independent oil and natural gas producers and service companies like Sonoran across the United States.
CEO, John Punzo stated, "Sonoran's membership in IPAA is an entree to being recognized as a promising junior oil and gas producer. IPAA has represented independent oil and natural gas producers for three-quarters of a century which now account for drilling 85 percent of wells in the United States, produce 65 percent of the country's natural gas, and produce 40 percent of the oil; 60 percent in the Lower-48 states."
IPAA Vice Chairman, John B. Walker, is the President and CEO of EnerVest Management Partners, Ltd. which has acquired with institutional investors more than $700 million in oil and gas properties since November 1994. EnerVest operates approximately 5,000 wells in 9 states and has closed recently its 10th institutional fund for $200 million. At year-end 1997, EnerVest sold approximately half of the assets under its management, and sold approximately $175 million in assets in late 2000 - mid 2001. During his tenure as president and COO of Torch Energy, the company grew from $200 million in assets to $1 billion. He was responsible for the creation of Nuevo Energy Company (NYSE:NEV) and its IPO on the New York Stock Exchange. Previous to that, Mr. Walker raised $136 million to participate in over 1,000 wells and in 1985 created Walker Energy Partners, an American Stock Exchange Company. Mr. Walker was selected by Institutional Investor as an "All American" energy analyst for six years in a row. He holds a BBA (with honors) from Texas Tech University and a MBA (with distinction) from New York University.
Domestic U.S. Oil producers like Sonoran Energy, Inc. are positioned to significantly benefit from rising demand for U.S. domestic oil and gas production in light of the brewing demand for natural gas and the International oil production crisis due to war, strikes, and terrorist threats.
Just this month, the Nigerian subsidiaries of Royal Dutch/Shell Group (NYSE:RD) (NYSE:SC), ChevronTexaco Corp. (NYSE:CVX) and TotalFinaElf (NYSE:TOT) halted production totaling 817,500 barrels a day, or about 40% of Nigeria's output of some 2 million b/d amid violence between rival ethnic groups, the Ijaws and Itsekiri, leading up to April 19 parliamentary and presidential elections. Militant Ijaws reportedly threatened to blow up multinational oil installations they said they had captured in retaliation for government military raids.
Additionally, Oil-well firefighters from Houston-based Boots & Coots International Well Control (AMEX:WEL) traveled to southern Iraq to assess damage in the country's key Rumaila oil fields. The Pentagon has contacted a number of major oil industry service companies including Halliburton Co. (NYSE:HAL) to repair any of Iraq's wells that are damaged and assess everything from wells to pipelines and pumping stations.
About IPAA
IPAA is a national trade association headquartered in Washington, D.C. It serves as an informed voice for the exploration and production segment of the industry, and advocates its members' views before the U.S. Congress, the Administration and federal agencies. IPAA provides economic and statistical information about the domestic exploration and production industry. IPAA also develops investment symposia and other opportunities for its members.
"While supply and demand of natural gas remains a largely North American market, without adequate access to the resource base, domestic natural gas will not be able to meet its potential," testified Diemer True, chairman of the Independent Petroleum Association of America (IPAA), before the House Committee on Resources ... Clearly the challenge facing natural gas producers is twofold -- maintaining existing natural gas supply and increasing that supply to meet future demand. ... This remains complicated and new events suggest a worsening situation," said True."
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.