SNV offers LG-1 Up-dip well update, now holds an effective 99.5% working interest in Budong Budong

Tickers: PINX:SNVFF, XTSX:SNV
Tags: Oil & Gas

CALGARY, Canada / TheNewswire / Oct. 27, 2017 -- Sonoro Energy Ltd. and its wholly owned subsidiary Stockbridge Budong Budong B.V. ("Sonoro" or "the Company" or "Stockbridge" ) (TSX-V: SNV) are pleased to announce that, following oil and gas shows and gas kick to surface from 297 meters, as previously reported, the LG-1 Up-dip well has been successfully controlled, cased, cemented and logged to 297m--with coring drilling operations now commencing from 297 to 500m to the target sands.

The Company is also pleased to announce that it has resolved with Tately Budong-Budong N.V. ("Tately") its 28% interest being assigned to the benefit of the Company. This will result in the Company now holding a 99.5% working interest in the Budong Budong block.

As originally announced, the Company had a Farmout Agreement effective Jan. 1, 2015 (the "Agreement") with Tately to farmin to its 28% working interest in the Budong Budong PSC ("PSC"). As approval from the government was not obtained prior to expiry of the Agreement, a revised agreement of Tately's withdrawal has been completed with the Company and PT Gema Terra Budong-Budong whereby the Company's working interest share in the Budong-Budong PSC increases from 71.5% to 99.5% and the Company indemnifies Tately against any and all claims with respect to the 28% interest. Should government approval not be received in a timely manner, Tately will hold this interest in trust for the Company.

"We are pleased to complete the original intent of the Agreement with Tately, with the Company now holding an effective 99.5% working interest in the Budong Budong PSC. With drilling of the LG-1 Up-dip well having commenced and nearing its target, and the Company carrying 100% of the costs to date, we wanted to ensure that the intent of the Agreement was resolved prior to concluding this well-- ensuring that all future benefits would be to our interest," says Sonoro's Chief Executive Officer and Director Richard Wadsworth.

About Sonoro

Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in W.Sulawesi Indonesia. The Company has commenced operations for a one well appraisal drilling program on the Budong Budong license offsetting the LG-1 well. For further information please contact:

RICHARD WADSWORTH

CEO and Director

+1.403.262.3252

www.sonoroenergy.com

Forward-looking Statements. Certain information in this press release constitute forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates,", "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this press release contains forward-looking information regarding the pursuit of new opportunities in the region of the Budong Budong black.

Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources.

Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of the date of this news release, and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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