Canoro Resources Ltd.

Canoro Resources Ltd.

August 20, 2007 08:00 ET

Canoro Updates Sub-thrust Area Activities

CALGARY, ALBERTA--(Marketwire - Aug. 20, 2007) - Canoro Resources Ltd. (TSX VENTURE:CNS) and Oil and Natural Gas Corporation Limited ("ONGC") have concluded the technical evaluation and reached mutual agreement under the Joint Study Agreement for the initial work program to be conducted on the six Nagaland blocks. The initial work program provides for a reactivation of the Changpang oil field and 2D and 3D seismic acquisition on the five exploration blocks. A regional socio-economic study in the areas affected by the six blocks has also been conducted, while an environmental study of the Changpang field is anticipated to be completed by the middle of September.

Discussions on possible ways for implementing the recommendations contained in the Joint Study will commence during the second half of August.

Seismic Processing and Interpretation Update

In addition to the planned activity on the ONGC blocks in Nagaland, the recently acquired 2D seismic on the AA-ON/7 (140 km) and AA-ONN-2003/2 (220 km) exploration blocks is being processed. Both of these seismic surveys evaluate the same fold and thrust geological environment as the Nagaland exploration blocks.

The results, while preliminary, indicate several prospective independent structures across the sub-thrust belt in both exploration blocks. The processing, interpretation and final prospect generation on our AA-ON/7 block is planned to be completed in September. Once complete, we expect to recommend to our partners and the Government of India to drill in this area.

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a 15% non-operated working interest in the AA-ONN 2003/2 exploration block.

Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Canoro's control. Such risks and uncertainties include, without limitation, risks associated with 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 and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Canoro's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Canoro will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Canoro or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Canoro 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 may be required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Canoro Resources Ltd.
    Rob McInnis
    Vice President, Business Development and Corporate Affairs
    (403) 543-5748
    (403) 543-5740 (FAX)
    Canoro Resources Ltd.
    2810, 715 - 5th Ave SW
    Calgary, Alberta T2P 2X6