Sonoran Energy Inc. on April 30, 2009, Peter Rosenthal, Brad Farrow, Brian Rafferty, Mehdi Varzi, James Row, and Charles Waterman resigned from their respective positions on the Board of Directors of the company effective as of May 1, 2009. Additionally, Peter Rosenthal resigned as the company’s president and chief executive officer effective as of May 1, 2009 and Andrew Williams resigned as the company’s chief financial officer effective as of May 1, 2009. After the close of business on April 30, 2009, the company's Board of Directors appointed Michael Kayman as a director and Interim Chief Executive Officer, Interim Chief Financial Officer and Chief Restructuring Officer of the company. In those capacities, Mr. Kayman will perform the duties and assume the responsibilities of the President of the company. The board also appointed RAI, Inc., a company controlled by Mr. Kayman (RAI), to provide financial advisory and restructuring services.

On 03/17/2009, Sonoran Energy Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Sonoran Energy Inc. entered into a Forbearance Agreement, effective on February 4, 2009, with Standard Bank, Plc and Nordkap Bank AG, in their capacity as forbearing lenders under a Credit Agreement dated November 29, 2007. As a result of entry into the Forbearance Agreement, and assuming that no Termination Event occurs, the Company expects to have the ability to obtain equity funds to meet its working capital requirements through February 28, 2009. As of January 19, 2009, the amount outstanding under the Credit Agreement was approximately $12.0 million. The Forbearing Lenders have agreed to forbear from the exercise of certain rights and remedies that they have under the Credit Agreement and supporting documents. They have agreed to continue this forebearance until either February 28, 2009 or the occurrence of a Termination Event, which, among other things, would include: (a) the failure by Sonoran to secure additional equity funding by January 31, 2009; (b) the failure by Sonoran to execute a lease renewal agreement on one of its key properties before January 31, 2009; (c) a Sonoran default in the performance or observance by it of any term, covenant or agreement contained in the Forbearance Agreement; and if capable of remedy, the default is not remedied within days after effective notice of the default (d) the occurrence of any additional Default under the Credit Agreement (e) the asserting, recording or claiming of any mechanic's, material man's, repairman's, construction or similar Lien against Sonoran's property; or (f) the commencement by Sonoran of a voluntary bankruptcy case.