LOS ANGELES, April 10, 2003 (PRIMEZONE) -- John Punzo, President of Sonoran Energy, Inc. (OTCBB:SNRN) announced today that the company is currently featured in a sixty-second commercial campaign now airing on MSNBC Television.
The TV commercial highlights featured news sponsored by Sonoran Energy, Inc. The commercial was directed by KMGI, Inc. in New York, which boasts an incredible success rate with major financial services. KMGI's extensive client list includes GE, Intel, DuPont, Pepsi, American Airlines, CBS, Volvo, Siemens, CNN, Best Western, and The Washington Post.
Sonoran recently announced that the Company has successfully reactivated eight of the 12 wells on its Emjayco Glide #33 Property and has started production. The Company anticipates reactivating four additional wells over the next 60 to 90 days. Sonoran also recently announced that it has acquired working interests in three natural gas producing properties in California's Sacramento Basin. Domestic U.S. Oil producers like Sonoran Energy, Inc. are positioned to significantly benefit from rising demand for U.S. domestic oil production in light of the brewing 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) are traveling to southern Iraq to assess damage in the country's key Rumaila oil fields. The firefighting teams are looking at a timetable of 30 to 45 days to extinguish the fires and cap the wells. But one source said the timing will depend on "what's all there." The Pentagon has contacted a number of major oil industry service companies -- among them Halliburton Co. (NYSE: HAL), once run by Vice President Dick Cheney -- to repair any of Iraq's wells that are damaged and assess everything from wells to pipelines and pumping stations.
Venezuela's oil industry collapsed in December, when employees at state-owned Petroleos de Venezuela walked off the job, angry about changes in the company under the administration of President Hugo Chavez. By the height of the strike, 16,000 employees had walked out, and production shrank to 200,000 barrels a day, costing Venezuela $6 billion. The country had to import fuel to keep vehicles moving, and drivers waited days at gas stations. The strike, which failed to oust Chavez or call early elections, was strongest in the oil sector, though businesses around the country shut down.
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.
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.