"We are very pleased to announce that this phase of the drilling program will provide Sonoran with immediate production and cash flow," said Peter Ostenfeld-Rosenthal, Sonoran Energy, Inc. President and CEO. "Sonoran is confident that the two new water disposal wells can increase production by up to 300 barrels of oil equivalents (BOE) per day. This first phase has very strong economics with a pay-back on investment in just six months."
"GIBC is very pleased to be supporting Sonoran Energy and its drilling program in Louisiana," said Greg Burnard, Chief Executive Officer of Global Investments & Banking Corporation which is assisting the Company with its on-going project funding requirements. "The funding of the Louisiana project is an important initial piece for Sonoran's North American portfolio and will support the Company as it moves forward in securing financing for its projects in the Middle East and the Caspian region as well as in North America."
The goal of the full drilling program in Louisiana is to increase significantly the production from the properties with proven reserves of 1.6 million barrels of oil and 12.1 BSCF of gas (2 million BOE). In January Sonoran Energy purchased an 87 percent working interest in approximately 15,000 acres in the Vernon Parish in Louisiana.
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