Thread: Sonoran Energy Inc. - SNRN

Retracment nearning .05 trend reversal confirmation...

ah yes, thanks T-I ,,,,From what i see in this stock is that it needs good volume up or down each day for the indicators to smooth out more, because as it is SNRN is getting days with little or no volume and when the chart finally straitens out volume floods in and the RSI moves rapidly, not to say the other indicators don't do the same, I guess what i'm trying to say is,,,,,,,would this be considered a new uptrend in SNRN?

SNRN OCT 16/08 News
Sonoran Energy Provides Operational Update, Progress on KWB Field Redevelopment

DALLAS, Oct 16, 2008 /PRNewswire-FirstCall via COMTEX/ -- Sonoran Energy, Inc. (OTC Pink Sheets: SNRN), the independent oil and gas exploration and production company, has successfully reached another milestone in its Central Texas KWB Work program. The program involves the re-entry, re-activation and re-completion of a number of non-producing wells in the Company's KWB field in Tom Green County, Texas.
Sonoran's KWB field has reached a production rate of 850 thousand cubic feet (MCF) per day after a successful hydraulic fracture stimulation of the KWB # 66 well. As the well cleaned up post-treatment, the rate has increased steadily. Combined with installation of plunger lift in the KWB #26 well, and the optimization in other producers in the field, the KWB field's average production rate has been increased by 61% week-on-week. The continued success in Central Texas represents a significant step forward towards Sonoran's goal of creating additional shareholder value.

Peter Rosenthal, Sonoran Energy's CEO commented: "The recent successes at KWB indicate that we have directed our very limited development capital in the right direction. As previously reported, the lack of production from our Louisiana assets has created a significant cash flow shortage for the Company and has resulted in a default under our Term Credit Agreement with Standard Bank. We still believe that our Louisiana assets have greater long term potential, but our current capital constraints dictate that we focus on KWB. We are currently negotiating with several parties to obtain funding for current operations and to continue development of our Louisiana assets. We are also seeking funds to refinance our existing debt. In the interim, our focus on KWB is slowly moving the Company to a profitable operating level."