Mr. Dean Callaway reports

SONORO ENERGY LTD. ANNOUNCES CLOSING OF PRIVATE PLACEMENT, GRADUATION FROM THE NEX TO THE TSX-V AND DRILLING UPDATE

Sonoro Energy Ltd. has closed a non-brokered private placement of common share units for total gross proceeds of $1,753,416. The TSX Venture Exchange has granted conditional approval for the company's graduation to the TSX-V as a Tier 2 oil and gas issuer, subject to the company satisfying conditions. Assuming satisfaction of such conditions, it is expected that the graduation from the NEX to the TSX-V will occur on or about Thursday, Sept. 14, 2023.

Each unit of the financing is composed of 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 and are subject to TSX-V approval. 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 the issuance of a press release by the corporation announcing the reduced warrant term, provided that the press release is issued no more than five business days following the eligible acceleration date, and notices are sent to all warrant holders.

Proceeds from the private placement will support continuing activities relating to its previously announced Western Canadian sedimentary basin farm-in agreement, general corporate purposes, and pursuit of international oil and gas opportunities.

Sonoro Energy Canada Ltd., a wholly owned subsidiary of Sonoro, has been granted a licence to drill its first well under the farm-in letter agreement by the Saskatchewan Ministry of Energy and Resources and is in the process of lease construction, which will then be immediately followed by the arrival of the drilling rig, with anticipated spudding of the well expected prior to Sept. 30, meeting the farm-in agreement condition. Sonoro's management anticipates the well to take five days from spud to drilling completion and, upon confirmation of the productive formation from wireline logs, Sonoro's management expects that the well will be completed and equipped for production. The second well location has also been selected, surveyed and negotiated with the landowner.

Sonoro has also been advised by the TSX-V that the proposed 15-per-cent rolling stock option plan disclosed in Sonoro's management proxy circular dated Aug. 11, 2023, for its meeting on Sept. 22, 2023, does not comply with TSX-V requirements. Therefore, the 15 per cent rolling stock option plan will not be implemented by the company. Sonoro will be seeking shareholder approval of a 10-per-cent rolling stock option plan at a later date and prior to the grant of any stock options under such plan.

Sonoro is pleased to announce the appointment of Richard Wadsworth as chief executive officer of the company, in addition to his current role as chairman of the board, in connection with its graduation from the NEX to the TSX-V. Mr. Wadsworth is a petroleum engineer with over 30 years experience in operations and management internationally. He was a co-founder, director and president of Bankers Petroleum. Mr. Wadsworth recently led and developed a 55,000 bopd (barrels of oil per day) oilfield in Iraq, with development planned to 230,000 bopd.

We seek Safe Harbor.