Mr. Richard Wadsworth reports

SONORO ENERGY LTD. TO RESUME SASKATCHEWAN DRILLING PROGRAM

Sonoro Energy Ltd. will resume operations at its Saskatchewan project pursuant to completion of an amended farm-in agreement, which has been executed with its farm-in partner Superb Operating Company. The farm-in agreement reflects the company's new multilateral horizontal well development strategy and accelerated development schedule intended to take advantage of higher commodity prices while improving the expected economics and ultimate recoveries per well, assuming success.

The farm-in agreement retains approximately 72 per cent of the original lands, all of which are focused on areas where development can be accelerated. To that end, the company will form a technical team with Superb to ensure that each new well is spudded within 60 days of rig release on the previously drilled well. The company has confirmed rig availability to spud the first well prior to Nov. 30, 2023. This multilateral horizontal well development strategy is planned to utilize recent drilling advancements, allowing for additional lined horizontal sections and additional open-hole laterals, with the first well to contain a total of four horizontal legs that have allowed other heavy oil operators to see up to 100- to 300-per-cent increases in initial production rates and recovered reserves. The company intends to deploy technologically advanced techniques and tools that can also be used in respect of the farm-in agreement lands and on prospects that the company continues to pursue in North Africa and the Middle East.

Richard Wadsworth, chairman and chief executive officer, commented: "We are pleased to be accelerating our Saskatchewan drilling plans while solidifying our partnership with Superb. What excites me the most is the application of new multilateral technology and the applicability and credibility this brings to the other opportunities we are working on internationally. With the rig being mobilized as quickly as possible and the first vertical well and multilateral well being planned to be drilled back to back, we believe Sonoro is entering an exciting stage of transformation."

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