JOHNSTON, R.I., Feb. 28, 2013 /PRNewswire/ -- Sungro
Minerals, Inc. (OTCQB: SUGO) a Diversified Exploration Stage Mining
Company, announced today that it has acquired a twenty eight
percent (28%) interest in the Grande Chenier Field in Cameron Parish, LA from Sigma Gamma Interests,
LLC. The interest was acquired for $2.0 million. The property, which was
evaluated by Netherland, Sewell & Associates, Inc. a worldwide
petroleum consultant, has an estimated net present value in excess
of $100 million dollars with proven
reserves in excess of $8.0
million.
Sungro expects that in the next few weeks, it will assume the
responsibility as the Operator of Record and contract with the
necessary professionals to begin production on the Nunez 1
well.
Erwin Vahlsing, Jr., our CFO
stated, "With this acquisition, Sungro expects to achieve
profitability and be cash flow positive within our fiscal second
quarter beginning March
1st."
About Sungro Minerals, Inc.
Sungro Minerals, Inc. is
an early stage Diversified Mining and Exploration Company seeking
to acquire, develop, and manage various mineral properties and
resources both in the United
States and around the world.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was established in
1961 and has offices in Dallas and
Houston, Texas. Over the years,
they have built a reputation for reliability matched by a
dedication to service and a commitment to integrity. They provide
services to the worldwide petroleum industry that include reserves
reports and audits, acquisition and divestiture evaluations,
simulation studies, exploration resources assessments, equity
determinations, and management and advisory services. In
addition, NSAI provides a complete range of geological,
geophysical, petrophysical, and engineering services and has the
technical experience and ability to perform these services in any
of the onshore and offshore oil and gas producing areas of the
world.
Cautionary Note to U.S. Investors
This press release
may use the terms "measured resources," "indicated resources,"
"inferred resources," and "historical resources" which are
calculated in accordance with the Canadian National Instrument
43-101 and the Canadian Institute of Mining, Metallurgy and
Petroleum Classification system. The United States Securities
and Exchange Commission (the "SEC") does not recognize these terms
and the SEC guidelines (Industry Guide 7) provide that such terms
shall not be included in a registrant's filings with the SEC
(unless required to be disclosed by foreign or state law).
The SEC permits U.S. mining companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. "Inferred resources"
have a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It
cannot be assumed that all or any part of an "inferred mineral
resource" will ever be upgraded to a higher category. U.S.
investors are cautioned not to assume that any part or all of a
measured, indicated or inferred resource exists or is economically
or legally mineable. U.S. investors are urged to consider closely
the disclosure in our Form 10-K which may be secured from us, or
from the SEC's website at http://www.sec.gov.
Forward-Looking Statements
This press release and any
related calls or discussions may contain forward-looking
statements. All statements, other than statements of historical
facts, are forward-looking statements. Forward-looking
statements include statements about matters such as: future prices
and sales of and demand for our products; future industry market
conditions; future changes in our exploration activities,
production capacity and operations; future exploration, production,
operating and overhead costs; recapitalization and balance sheet
restructuring activities (including debt-for-equity exchanges, land
transactions, capital raising and other activities); operational
and management restructuring activities (including implementation
of methodologies and changes in the board of directors); future
employment and contributions of personnel; tax and interest rates;
capital expenditures and their impact on us; nature and timing of
restructuring charges and the impact thereof; productivity,
business process, rationalization, restructuring, investment,
acquisition, consulting, operational, tax, financial and capital
projects and initiatives; contingencies; environmental compliance
and changes in the regulatory environment; offerings, sales and
other actions regarding debt or equity securities; and future
working capital, costs, revenues, business opportunities, debt
levels, cash flows, margins, earnings and growth.
The words "believe," "expect," "anticipate," "estimate,"
"project," "plan," "should," "intend," "may," "will," "would,"
"potential" and similar expressions identify forward-looking
statements, but are not the exclusive means of doing so. These
statements are based on assumptions and assessments made by our
management in light of their experience and their perception of
historical and current trends, current conditions, possible future
developments and other factors they believe to be appropriate.
Forward-looking statements are not guarantees, representations or
warranties and are subject to risks and uncertainties that could
cause actual results, developments and business decisions to differ
materially from those contemplated by such forward-looking
statements. Some of those risks and uncertainties include the risk
factors set forth in our SEC filings and the following: the current
global economic downturn and capital market weakness; the
speculative nature of gold or mineral exploration, including risks
of diminishing quantities or grades of qualified resources and
reserves; operational or technical difficulties in connection with
exploration or mining activities; contests over our title to
properties; our ability to cure defaults under our current
indebtedness; our substantial indebtedness and the impact such
indebtedness may have on us; the possibility that our operating
performance and operating prospects, and capital market conditions
will limit our ability to timely meet our debt service obligations,
comply with debt covenants, obtain necessary financing or
refinancing or restructure indebtedness or our debt service
obligations on acceptable terms or at all; potential dilution to
our stockholders from our recapitalization and balance sheet
restructuring activities; potential inability to continue to comply
with government regulations; adoption of or changes in legislation
or regulations adversely affecting our businesses; business
opportunities that may be presented to or pursued by us; changes in
the United States or other
monetary or fiscal policies or regulations in response to the
recent capital markets and economic crises; interruptions in our
production capabilities due to unexpected equipment failures;
fluctuation of prices for gold or certain other commodities (such
as silver, copper, diesel fuel, and electricity); changes in
generally accepted accounting principles; geopolitical events;
potential inability to implement our business strategies; potential
inability to grow revenues organically; potential inability to
attract and retain key personnel; interruptions in delivery of
critical supplies and equipment raw materials due to credit or
other limitations imposed by vendors; assertion of claims, lawsuits
and proceedings against us; potential inability to maintain an
effective system of internal controls over financial reporting;
potential inability or failure to timely file periodic reports with
the SEC; potential inability to list our securities on any
securities exchange or market; and work stoppages or other labor
difficulties. Occurrence of such events or circumstances could have
a material adverse effect on our business, financial condition,
results of operations or cash flows or the market price of our
securities. All subsequent written and oral forward-looking
statements by or attributable to us or persons acting on our behalf
are expressly qualified in their entirety by these factors.
We undertake no obligation to publicly update or revise any
forward-looking statement.
Neither this press release nor any related calls or discussions
constitutes an offer to sell or the solicitation of an offer to buy
any securities.
Contact:
Sungro Minerals, Inc.
Martin Bolodian
Investor Relations
Phone: (401) 648-0805 ext. 350
Fax: (401) 648-0699
www.sungrominerals.com
SOURCE Sungro Minerals, Inc.