Suroco Energy Inc.
TSX VENTURE : SRN

Suroco Energy Inc.

June 23, 2014 07:33 ET

Suroco Energy Inc. Announces Filing of Supplement to Its Management Information Circular and Proxy Statement Dated May 27, 2014

CALGARY, ALBERTA--(Marketwired - June 23, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") announces that further to its joint press release of June 19, 2014 with Petroamerica Oil Corp. ("Petroamerica"), Suroco has filed on SEDAR at www.sedar.com the supplement dated June 22, 2014 (the "Supplement") to the Management Information Circular and Proxy Statement of Suroco dated May 27, 2014 (the "Information Circular"). The Supplement will also be available on the Corporation's website at www.suroco.com. The Information Circular is filed in connection with the solicitation of proxies by and on behalf of the management of the Corporation for use at the annual and special meeting of shareholders of Suroco (the "Suroco Shareholders") scheduled to be held at 10:00 a.m. (Calgary Time) on June 25, 2014 (the "Meeting"), or at any adjournment(s) or postponement(s) thereof, at the offices of Gowling Lafleur Henderson LLP at TD Canada Trust Tower, Suite 1600, 421 - 7th Avenue SW, Calgary, Alberta and for the purposes set forth in the notice of annual and special meeting accompanying the Information Circular.

Suroco Shareholders are advised to read the Supplement carefully and in its entirety, as it contains information regarding the June 19, 2014 amendment to the arrangement agreement dated April 26, 2014 between Petroamerica and Suroco (the "Petroamerica Arrangement"). Under the Petroamerica Arrangement, Petroamerica will acquire all of the issued and outstanding shares of Suroco for consideration of an increased value equal to $0.80 per common share of Suroco. The Supplement also sets forth pro forma information for Petroamerica upon completion of the Petroamerica Arrangement.

General

Suroco is a Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Colombia. The Corporation's common shares trade on the TSX Venture Exchange under the symbol SRN.

Forward-Looking Statements

Certain statements included in this press release constitute forward-looking statements under applicable securities legislation. These statements relate to future events or future performance of the Corporation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. Forward-looking statements or information in this press release include, but are not limited to, the completion of the Petroamerica Arrangement and the timing of the Meeting. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; changes in environmental and other regulations; risks associated with oil and gas operations and future exploration activities; the inability to obtain regulatory approval for any operational activities; inability to get all necessary approvals for the completion of the Petroamerica Arrangement; the risks of the oil and gas industry in general, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable shortages of equipment and/or labour; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and gas prices, foreign currency exchange rates and interest rates; reliance on industry partners; and other factors, many of which are beyond the control of Suroco or Petroamerica. You can find an additional discussion of those assumptions, risks and uncertainties in Suroco's and Petroamerica's Canadian securities filings.

Although Suroco has attempted to identify important factors that could cause actual actions, events, results, performance or achievements to differ materially from those described in the forward-looking statements or information contained in this press release, there may be other factors that cause actions, events, results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements and information are made or given as at the date of this press release and Suroco disclaims any intention or obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required under applicable securities law. The reader is cautioned not to place undue reliance on forward-looking statements or information.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Petroamerica Arrangement and has neither approved nor disapproved the contents of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Suroco Energy Inc.
    Alastair Hill
    President and Chief Executive Officer
    (403) 232-6784
    (403) 232-6747 (FAX)

    Suroco Energy Inc.
    Travis Doupe
    VP Finance and Chief Financial Officer
    (403) 232-6784
    (403) 232-6747 (FAX)
    www.suroco.com