LOS ANGELES, May 8, 2003 (PRIMEZONE) -- Eric, David, and Sons and Sonoran Energy Inc. (OTCBB:SNRN) are pleased to jointly announce today that John Punzo, President and CEO of Sonoran Energy, has been featured in a comprehensive interview by Eric, David & Sons (ED) located at http://www.ericdavid.com/newsletter/mailer/snrn050703.html. The interview is an in depth discussion of the latest milestones and tremendous future growth prospects for Sonoran Energy, Inc.
In an excerpt from the interview, Sonoran CEO John Punzo stated, "...the recent labor and social incidents in Venezuela and Nigeria and, most obviously, the conflict in Iraq has made apparent two vital facts: not only are we dependent on oil, and that those requirements are indeed ever increasing, but that we, as a continent, need to forge ahead with fostering home-grown supplies, releasing us from some of the outside reliance that holds us, quite frankly, somewhat hostage at times."
Mr. Punzo continued, "We are pleased to be featured on EricDavid.com and are excited about sharing our significant recent milestones and our exciting growth strategies with the investment community."
Sonoran recently joined the Independent Petroleum Association of America. 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. 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 recently, 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. Nigerian oil is prized, especially in the driving-intensive warm-weather months, because its quality makes it easier to convert into gasoline.
Additionally, Oil-well firefighters from Houston-based Boots & Coots International Well Control (AMEX:WEL) recently 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) and Fluor (NYSE:FLR) to repair any of Iraq's wells that are damaged and assess everything from wells to pipelines and pumping stations.
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. Through its partnership with Longbow LLC the Company intends to make acquisitions that will, over a 12 to 24 month period, allow the company to become a producer of 1000 to 1500 BOE per day (barrel oil equivalent) and 2500 to 5000 Mcf of gas. In addition new reserves have been discovered on Sonoran Energy's Deer Creek Oil Field Holdings. A geologic review indicates that the producing reservoirs on the combined 113-acre leasehold in the Deer Creek Oil Field are under-exploited and that up to five new well locations are needed to produce an additional 250,000 barrels of proved undeveloped (PUD) reserves.
About Eric, David & Sons, Inc.
Specializing in investor relations, Eric, David & Sons, Inc. is a financial management, marketing and consulting firm that seeks to better publicize companies with unique product/service offerings whose stock is undervalued in relation to their long-term earnings potential. EDS retains as clients only those companies that are perceived to offer unusual products or services with the potential to command a dominant position in their respective industry/marketplace.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's Registration Statement and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).