An anonymous director reports

SONORO ENERGY PROVIDES UPDATE ON FARM-IN AGREEMENT AND RESUMPTION OF TRADING

Sonoro Energy Ltd. has provided a current update on the previously announced Western Canadian sedimentary basin (WCSB) farm-in agreement with an arm's-length third party. Sonoro also advises that the company's shares will commence trading again on Monday, June 19, 2023.

Under the terms of the agreement, previously disclosed in the news release dated June 1, 2023, Sonoro will be the operator and earn a 70-per-cent working interest in a proven Waseca channel heavy oil resource fairway, subject to Sonoro fulfilling the obligations under the agreement. In consideration for acquiring the 70-per-cent working interest in this 1,840-acre contiguous land block, Sonoro has committed to drill up to five wells, financing up to $5-million (on a gross basis) and with the first well scheduled to spud no later than Sept. 30, 2023. After each well, Sonoro earns its 70-per-cent interest in the well spacing unit and has a rolling option to elect the next well until the fifth well. Upon completion of the five-well carry, Sonoro will have earned a 70-per-cent working interest across the asset which contains numerous follow-up drilling locations given the pervasiveness of the channel sands. After the carry, further development will be at a 70-per-cent/30-per-cent working interest split between Sonoro and the counterparty. An operating agreement has also been executed between the parties which govern the joint operating procedures. After the final release from the security holder, expected by June 15, 2023, of the counterparty and Sonoro proving it can finance an initial minimum of $2-million by July 31, 2023, the farm-in agreement will be deemed closed. As at the date of this news release, Sonoro has not yet began earning the 70-per-cent interest under the agreement.

Sonoro has fully evaluated the asset, prioritized its first locations, and plans to elect to drill both the initial test well in addition to one additional location upon finalizing the release and having the $2-million of financing in place. Sonoro has recently announced and completed an equity/warrant financing for $500,000, and will raise the additional minimum $1.5-million via a to-be-determined financing source which could include a private placement, warrant exercise, advance or loan by individuals/entities or a combination of the sources indicated, and all subject to TSX-V approval. The completion of the $1.5-million financing is conditional upon the closing of the agreement. The test well is scheduled to spud before Sept. 30, 2023. Sonoro has initiated the process of procuring surface lands, a drilling rig and other long-lead items in anticipation of spud. As at the date of this news release, Sonoro has not commenced drilling of any wells pursuant to the agreement.

Sonoro has submitted the geological report to the satisfaction of the TSX-V and also has submitted an application to graduate to the TSX-V, which it anticipates receiving upon finalizing the above-mentioned financing and closing the transaction.

Sonoro also advises that the Selat Panjang PSC in Indonesia has been released to its former partner, and all obligations/liabilities associated with the project have been extinguished. This will be reflected in the financial statements at the period ended June 30, 2023.

We seek Safe Harbor.