Suroco Energy Inc.
TSX VENTURE : SRN

Suroco Energy Inc.

September 27, 2011 09:00 ET

Suroco Energy Inc. Provides Operational Update on Drilling Activities in Colombia

CALGARY, ALBERTA--(Marketwire - Sept. 27, 2011) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is pleased to provide the following update on its operational activities in the Suroriente, Alea 1848A and San Antonio Blocks in Colombia.

Pinuna-6 Well, Suroriente Block, Putumayo Basin

Drilling operations at the Pinuna-6 well have been completed. The well encountered 41 feet of net oil pay in the primary target Villeta U sand and additional indications of hydrocarbons in the Villeta T sand. A service rig is now on the location and completion and testing operations focusing on evaluating the Villeta U sand are proceeding.

Pinuna-4 Well, Suroriente Block, Putumayo Basin

As described in the Corporation's press release of August 12, 2011, operational problems on the Pinuna-4 well related to multi-zone completion equipment has prevented the 21 foot net pay section encountered in the Villeta U sand from being conclusively tested to date. Once the completion operations at the Pinuna-6 well are completed, the service rig on that well will move to Pinuna-4, the current completion equipment will be repaired or replaced as needed and the Villeta U and T sand perforated intervals will be evaluated.

Alea 1848A Exploration Block, Putumayo Basin

A drilling rig is currently mobilizing to drill the first exploration well in the Alea 1848A Block. The Charapa-1 well (previously referred to as Higueron-1 by the Corporation) is expected to commence drilling in early October and will target a structural closure defined on 3D seismic which was acquired earlier this year. The closure is located structurally updip from a legacy well on an adjacent structure drilled in 1988 which recovered oil on test from the Villeta U sands. If the Charapa-1 well is successful, there is another similar structural closure along the same trend that could provide a future drilling location. Further information regarding the Charapa-1 well can be found on the Corporation's website.

San Antonio Exploration Block, Llanos Basin

As explained in the Corporation's press release of September 6th, the drilling of the Poyato Sur- 1 well, which had been planned for October, has now been re-scheduled to commence in late November.

The Corporation 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

This press release contains forward-looking statements relating to the operational and exploration activities for Suroco, the evaluation of certain prospects in which the Corporation holds an interest and other statements that are not historical facts. 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 need to obtain required approvals from regulatory authorities; and other factors, many of which are beyond the control of the Corporation. You can find an additional discussion of those assumptions, risks and uncertainties in Suroco's Canadian securities filings.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Suroco disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Suroco undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

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