Suroco Energy Inc.
TSX VENTURE : SRN

Suroco Energy Inc.

January 03, 2014 06:00 ET

Suroco Energy Inc. Provides Update on Putumayo Drilling

CALGARY, ALBERTA--(Marketwired - Jan. 3, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") announces an update on drilling operations in Colombia's Putumayo Basin, at Canelo Sur-2 in the Putumayo 2 Block and at Quinde-4 in the Suroriente Block.

Drilling Update - Canelo Sur 2 Exploration Well, Putumayo 2 Block

The Canelo Sur-2 exploratory well (see the Corporation's October 29, 2013 press release) was spud on October 26, 2013. During the drilling of the well, operations had to be suspended for six days due to community unrest, during which time the shales in the open hole section reacted with the water based mud, resulting in deteriorating hole conditions such that the intermediate casing string could not be run to the planned depth. Subsequent mechanical difficulties resulted in some drilling equipment becoming stuck in the hole which could not be retrieved. Consequently, a decision was made to set a cement plug and drill a new hole from below the shoe of the 13 3/8" surface casing at 2,195 feet. At the present time, a 12-1/4" hole is being drilled at 2,326 feet and the Corporation now expects to release well results during February of 2014.

Drilling Update - Quinde-4 Well, Putumayo 2 Block

The Quinde-4 well (see the Corporation's December 17, 2013 press release) has been successfully drilled to a total depth of 10,100 feet, and completion operations will proceed after the production casing is cemented in place. Testing results are expected to be released in late January of 2014.

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. Further details of the Corporation's activities are contained in an updated presentation to be available shortly on the Corporation's website. 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, estimated number of drilling locations, estimated timing of drilling of wells, expected capital program (including its allocation), production growth, reserves growth, the ability of the Corporation to sell its crude volume 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; product supply and demand; market competition; political and economic conditions in the country in which the Corporation operates; 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.

For further information please visit our website at www.suroco.com.

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