LOS ANGELES, April 8, 2003 (PRIMEZONE) -- Sonoran Energy, Inc. (OTCBB:SNRN) announced today that the Company, in cooperation with its operating partner Longbow LLC, has successfully reactivated eight of the 12 wells on its Emjayco Glide #33 Property and has started production. The Company also anticipates reactivating the additional four wells over the next 60 to 90 days. The wells were all part of Sonoran's acquisition of the Glide property in December 2002.
"Based on our initial recovery rates on the wells, we believe that we are on track to meet our forecasted production of 30 barrels of oil per day," said John Punzo, Sonoran Energy President and CEO commenting on a report from operating partner Longbow LLC. "This is the type of program we will be instituting on our many properties and it will help us achieve our strategic goal to become a producer of 1,000 to 1,500 BOE of oil per day."
The property consists of 160 acres in the Mount Poso Field, located in Kern County, California, with a total of 12 wells and one water injection well that had been inactive since 1986. The wells were shut down in 1986 due to record low oil prices ($6.50 per barrel). After 17 years of being off production, the eight wells were successfully turned on and are starting to produce oil.
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.
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.