Sonoran Energy Targets Proven Oil Reserves in Iraq

Source: www.gulfoilandgas.com 2/23/2004, Location: Middle East

Sonoran Energy, Inc’s Iraqi Joint Venture is expanding its interest in obtaining proven oil reserves in Iraq. The Joint Venture, known as Iraq Resources, is targeting Iraq’s heavy oil sector, and has identified interests in the Qayarah Oilfield located south of the northern city of Mosul. The Qayarah field contains known oil and gas reserves estimated at 4,000 MMbbl and 2000 MMscf. The field, located near the Tigris River approximately 45 miles south of Mosul, was producing from 39 wells with a total production rate of approximately 23,000 barrels of oil per day (BOEPD).

Sonoran’s Joint Venture with its Iraqi partners is also studying other heavy oil reserves and will identify those targets once formal applications have been made with the Iraqi Oil Ministry. Sonoran Energy has a 49 percent interest in Iraq Resources with 51 percent held by Mark Marketing Consultants, a company controlled by Iraqi Husam Kashani, the Managing Director of Ian Banham Associates.

"During the Company’s next visit to Baghdad in early March we intend to meet with the Oil Ministry to discuss these and other opportunities for the Joint Venture,” said Sonoran Energy, Chief Executive Officer Paul Bristol. “The Qayarah oilfield has produced heavy crude oil (14 API) for many years on a limited basis but there is an opportunity to re-develop this large oil field by introducing enhanced recovery techniques such as steam injection and in-situe combustion. In addition, the Iraqi Ministry of Oil is interested in the project as they would like to see the old Qayarah refinery reconstructed to supply the Iraqi market and to export.”



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