Sonoran Energy's Third Quarter Results Highlight Continued Operational and Financial Progress.PHOENIX -- Sonoran Energy, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SNRN SNRN Sorry, Not Right Now ), the fast growing international oil and gas exploration and production company, today reported results for the fiscal third quarter and nine months ended January 31, 2006. Revenues for the nine months were $1.4 million, compared with just $278,000 for the same period last year. Sonoran's strong third quarter performance was driven in a large part, by an improvement in its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. field operations. This, combined with a healthy cash position and the closing of the Baron Oil acquisition, has dramatically improved Sonoran's balance sheet, which shows an increase in total assets from $10 to $28 million from the previous quarter. Peter Rosenthal, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Sonoran Energy, said, "While advancing our strategy of aligning with world class industry partners such as AGR AGR advanced gas-cooled reactor , RLG RLG Research Libraries Group, Inc. (Dublin, OH) RLG Ring Laser Gyro RLG RedLightGreen Project RLG Royal Laotian Government RLG Resident Love Goddess RLG Right, Let's Go International and Welltec, we are also beginning to see the positive results of the programs we have initiated over the past several months to develop our North American oil and gas assets. Our overall revenue performance for the quarter was in line with expectations and our strategic and tactical initiatives are proceeding apace." Commenting on the Company's financial position, Jack Hodgson, interim Chief Financial Officer, said, "We are pleased to report a cash position of $6.3 million at the end of the third quarter. Our oil and gas operations are now generating cash, helping to finance many of our North American and international growth initiatives." "We expect that Sonoran Energy will continue to show a strong increase in revenues in the coming quarters. We are excited about the momentum we now have in 2006," Rosenthal added. Sonoran Energy's financial filings are available through the SEC's forms and filings website at www.sec.gov/edgar.shtml. About Sonoran Energy, Inc. Sonoran Energy is a US-based independent oil and gas company that is building a diversified portfolio of high value assets in North America, North Africa, the Middle East, and the Caspian region. Sonoran Energy 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. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Sonoran Energy, Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :SNRN) |
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