Suroco Energy Inc.
TSX VENTURE : SRN

Suroco Energy Inc.

January 20, 2014 06:00 ET

Suroco Energy Inc. Provides Update on Suroriente Block Drilling Activity

CALGARY, ALBERTA--(Marketwired - Jan. 20, 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 and completion operations in the Suroriente Block.

Completion and Testing Update - Quinde-4 Well, Suroriente Block

The Quinde-4 well (see the Corporation's January 3, 2014 press release) was successfully completed and tested in an oil-bearing Upper Villeta sand interval from 9,735 feet to 9,767 feet. The well produced on natural flow for a total of 39 hours, with a stabilized gross rate over the final two hours of 857 barrels per day (125 barrels per day net after royalty) of 18 degree API oil with zero percent watercut. The well, which was drilled, cored, and tested in 32 days from spud is being equipped with an electric submersible pump that will enhance upon the natural productive flow capability of the well, and an optimal producing rate will be determined during the permanent production phase. The Corporation expects that production will commence in March of 2014 from the Quinde-4 well, once production tanks and loading facilities have been installed. Following the completion work on Quinde-4, the drilling rig will continue completion operations at the Quinde-2 well from the same multi-well pad with the objective of more fully evaluating the Upper Villeta sand that was previously tested unsuccessfully in this well. The Corporation is also evaluating the possibility of additional locations that could be drilled from the same Quinde multi-well pad, and information regarding the next drilling location for the rig and the potential of this oil accumulation will be the subject of a future announcement.

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, 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.

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