- Sonoro Energy (TSXV:SNV) enters into Farm-In-Agreement with Badlands Resources to explore oil in Southern Alberta
- The company will earn a 100 per cent working interest in a 2,240 acre land package by drilling an exploratory well
- Should the exploratory well result in a successful discovery, Sonoro intends to expand its land holdings to include nearby anomalies with similar geological profiles
- Shares of Sonoro Energy are down 14.29 per cent to C$0.06
Sonoro Energy Ltd. (TSXV: SNV) revealed Wednesday that it has locked in a significant farm-in agreement with Badlands Resources that will enable the company to explore oil in Southern Alberta, which will significantly expand the company’s reach.
In a news release, the company stated it will earn a 100 per cent working interest in a 2,240-acre land package by drilling an exploratory well.
“This agreement represents a pivotal step in our efforts to strengthen our asset portfolio and tap into the untapped resources within Alberta’s oil-rich landscapes,” the company reported.
This acreage is home to several promising geological structures, which have been identified using high-resolution 3D seismic data. The targeted formations, at an approximate depth of 1,300 metres, have been identified for their potential to produce high-quality oil, particularly in an area characterized by limited exploration activity.
Should the exploratory well yield a successful discovery, Sonoro Eergy plans to expand its land holdings to include additional nearby anomalies with similar geological profiles. This strategy aims to leverage the de-risked nature of these prospects and essentially optimizing the company’s inventory and potentially enhancing production volumes across a broader land base.
In addition to its Alberta operations, Sonoro is gearing up to update on its activities in the Middle East/North Africa region. The company disclosed it has made progress in its development projects in Iraq and Libya and will keep shareholders informed of any developments.
With this new venture in Alberta, Sonoro Energy is poised to capitalize on the growing demand for oil while enhancing its production capabilities in a competitive market.
With headquarters in Calgary, Sonoro Energy is focused on oil and gas exploration and production in Canada and abroad, including the Middle East/North Africa region. The company has drilled two wells in Saskatchewan.
Shares of Sonoro Energy Ltd. (TSXV:SNV) are down 14.29 per cent to C$0.06.
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(Top image: Sonoro Energy)