Mr. Dean Callaway reports

SONORO ENERGY ANNOUNCES FINANCING AND PROVIDES UPDATE ON WCSB FARM-IN

Sonoro Energy Ltd. intends to complete a non-brokered private placement common share/warrant unit financing to support continuing activities relating to its previously announced Western Canadian sedimentary basin (WCSB) farm-in agreement, general corporate purposes, and pursuit of international oil and gas opportunities.

Sonoro intends to raise up to $2-million for a total of up to 33.33 million units comprising one six-cent common share and one common share purchase warrant of the company, where each whole warrant entitles the holder to purchase one common share within two years at a price of 12 cents per common share. The securities issued in connection with the offering will be subject to a four-month-and-one-day hold period from the date of issuance of such securities.

As part of this non-brokered financing, warrants are subject to an acceleration clause. This clause states that, if, four months and one day after the warrants are issued, the closing price of the common shares of the corporation, on the principal market on which such shares trade, is equal to or exceeds 15 cents for 10 consecutive trading days (with the 10th such trading date hereafter referred to as the eligible acceleration date), the warrant expiry date shall accelerate to a date 20 calendar days after issuance of a press release by the corporation announcing the reduced warrant term -- provided, no more than five business days following the eligible acceleration date, that the press release is issued and notices are sent to all warrantholders.

The offering is being made pursuant to certain Canadian prospectus exemptions, including the existing securityholder exemption and purchasers advised by investment dealers exemption, where applicable. Both the existing securityholder and purchasers advised by investment dealers exemptions are collectively referred to as the existing securityholder and retail investor exemptions. Existing shareholders of the company who wish to subscribe for units pursuant to the offering and who are permitted to subscribe under the existing securityholder exemption should contact the company in order to participate in the offering.

The offering is expected to close on or about Sept. 1, 2023, but may close earlier or later or not at all. Closing of the offering is also subject to NEX and TSX Venture Exchange final acceptance.

As a further update to the agreement and continuing operations to commence drilling of the first test well, Sonoro has acquired surface access along with surveys and will be shortly applying to the regulator to license the locations. The drilling program has been finalized, long-lead items have been secured, and, upon granting of the drilling licence, lease construction will commence followed by a drilling rig mobilized to site, with spudding of the well expected prior to Sept. 30, 2023, meeting the farm-in agreement condition.

We seek Safe Harbor.