Sonoran Energy, Inc.
OTC Bulletin Board : SNRN

Sonoran Energy, Inc.

December 07, 2006 11:44 ET

Sonoran Energy Announces Retirement of $1.7 Million Cornell Capital Loan

DALLAS, TEXAS--(CCNMatthews - Dec. 7, 2006) - Sonoran Energy, Inc. (OTCBB:SNRN) today announced that the Company has paid out all of its outstanding loan obligations to Cornell Capital Partners ("Cornell"). Sonoran Energy has settled this debt obligation, which commenced in October 2004, through a cash payment for the outstanding principal of approximately $1.7 million plus all accrued and earned interest.

"Cornell Capital stepped in two years ago to help us acquire our East Texas oil and gas assets," said Peter Rosenthal, Chairman and CEO of Sonoran Energy. "Their financial partnership enabled us to acquire our first producing assets, and establish a foundation upon which we were able to move forward with the development of the East Texas field and our other oil and gas projects. The recently completed $12 million reserve-based financing with NGP Capital Resources Company (NASDAQ:NGPC) has enabled us to repay this obligation and move to the next level in our domestic acquisition and development program. Cornell has been a professional, fair and constructive finance partner and it has always been a pleasure to work with them."

About Sonoran Energy, Inc.

Sonoran Energy is a US-based independent oil and gas company that explores, develops, and enhances the performance of high value oil and gas opportunities. With a focus on health, safety and the environment, we leverage the Company's innovative organizational alignment model with leading technical partners. For more information on the Company visit www.sonoranenergy.com.

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.


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