Sonoran's Q2 Revenue Jumps 70%
Sonoran Energy, Inc. reported results for the second quarter ended October 31, 2006. Total revenues increased 70% to $875,578, compared to $508,037 in the same period last year. The increase in revenue reflects higher oil and gas prices and significant operational progress in the East Texas and Louisiana properties.
Peter Rosenthal, Chairman and CEO of Sonoran Energy, said, "Our U.S.-based operations are beginning to build momentum, and we look forward to reporting continued success as we further develop these assets. With the recently announced $15 million financing in place, work is currently being planned for the next phase of the Louisiana project as well as for initiating operations in West Texas. We expect these efforts to continue our progress in growing production and proved reserves. We look forward to realizing these developments in the upcoming quarters."
Frank T. Smith, Executive Vice President and Chief Financial Officer, said, "While we are pleased to report improved revenues, the Company remains committed to reducing expenses, improving our liquidity and strengthening our balance sheet. The recently announced $12 million debt financing and $3 million infusion of equity capital will favorably address the liquidity and balance sheet objectives. However, improving our operating and overhead metrics will continue to remain critical objectives. Obviously, the improved cash flow anticipated by our increased focus on the development and exploitation of our US assets is the optimum way to make this happen."
Sonoran Energy is a U.S.-based independent oil and gas company that explores, develops, and enhances the performance of high value oil and gas opportunities.
- Sonoran Provides Operational Progress (Nov 06)
- Sonoran Reports Increase in Proved Oil & Gas Reserves (Jul 17)
- Sonora Pipeline Receives FERC Permits (Jul 12)