Sonoran Energy, Inc.
OTC Bulletin Board : SNRN

Sonoran Energy, Inc.

November 01, 2005 08:47 ET

Sonoran Energy Closes $8.5 Million Dollar Private Equity Placement

PHOENIX, ARIZONA--(CCNMatthews - Nov. 1, 2005) - Sonoran Energy, Inc. (OTCBB:SNRN) is pleased to announce that it has closed its recently announced private equity placement for gross proceeds of $8.5 million. The financing round consisted of several private placements by investors and institutions of which the largest single investment was $2,560,000. This financing will be primarily used to help fund development of the Company's oil and gas projects in Louisiana and Texas, and the Company's oil prospects in the Middle East.

"We are extremely pleased with the confidence the investment community has shown in Sonoran Energy's strategic direction and our plans to grow as an independent oil and gas company," said Peter Rosenthal, Sonoran Energy President and CEO. "The proceeds of the private placement will serve as a catalyst as we develop our domestic oil and gas opportunities, and start work on the PSA in Jordan. We appreciate the quick and positive reaction from investors, and the support and efforts of the investment community."

Rikky Hasan, Managing Director of investment bank MTM Corporate Finance which led the fundraising commented, "We are very pleased with the response to this private placement as investors largely comprise individuals from the Middle East who could provide both insight and influence to assist Sonoran in its expansion plans for the region."

About Sonoran Energy, Inc.

Sonoran Energy, Inc. is an independent oil and gas company that is building a diversified portfolio of high value oil and gas assets in North America, the Middle East, the Caspian region and North Africa. With a presence in the Middle East, Asia, and North America, Sonoran Energy explores, develops, and enhances the performance of material and high value oil and gas opportunities, leveraging the Company's technical expertise and extensive industry and governmental connections.

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.

Contact Information