SRN

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") wishes to
provide an update of drilling and testing operations at the Canelo Sur-2 well in
the Putumayo 2 Block.


Conclusion of Drilling Activities - Canelo Sur 2 Exploration Well, Putumayo 2 Block 

Further to the Corporation's press release of May 7, 2014, testing operations at
the Canelo Sur-2 exploration well have now been concluded. A 7-inch liner was
run and cemented in the open-hole section of the well, and based on interpreted
potential oil pay indicated by oil shows during drilling and open hole and cased
hole well log information, a 44 foot interval in the Villeta Lower 'U' sand was
completed and tested. Production testing with a hydraulic pump yielded primarily
formation water with some intermittent volumes of oil, (recorded as up to 3% of
the total fluid rate) over approximately 48 hours of evaluation. Based on the
testing results, the Canelo Sur-2 well will be abandoned and the rig will be
released in the near future.


Numerous technical difficulties were encountered during the drilling, completion
and testing of the well which have resulted in a number of uncertainties
regarding:




--  reliability of open-hole and cased log interpretation; 
--  effectiveness of zonal isolation (cement distribution and bonding to
    casing and formation); 
--  possible formation damage due to substantial invasion of overbalanced
    drilling fluid; and 
--  potential for erroneous flow results due to crossflow between zones.



The Canelo Sur-2 well was the first well drilled in the Putumayo 2 Block (the
"Block") and, in conjunction with the seismic programs previously acquired, has
fulfilled the contractual commitment for Phase I of the exploration and
production contract for the Block. The Corporation is undertaking a full
evaluation of the data collected during the drilling of the well and will
integrate this new information with its ongoing evaluation of the multiple
exploration drilling leads remaining in the Block, which includes seismic
anomalies observed at the Villeta 'N' sand level, as well as other mapped
structural closures along the Canelo-Nogal and Cedrillo trends.


The Corporation holds a 25% economic interest in the Block, which is located in
Colombia's Putumayo Basin. Application has been made to the Agencia Nacional de
Hidrocarburos of Colombia for its approval of the conversion of Suroco's 25%
economic interest to a full 25% undivided working interest in the Block.


General 

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. 


The Corporation has entered into an agreement with Petroamerica Oil Corp.
("Petroamerica") to sell all of the Corporation's issued and outstanding common
shares to Petroamerica (see the Corporation's April 28, 2014 news release).


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

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 evaluation of certain prospects in
which Suroco holds an interest, business strategy, priorities and plans,
expected production, estimated number of drilling locations, expected capital
program (including its allocation), production growth, reserves growth, the
receipt of and the timing of receipt of environmental licenses, the ability to
sell crude volume and other statements, expectations, beliefs, goals, objectives
assumptions and information about possible future events, conditions, results of
operations or performance, expected capital program (including its allocation),
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.
New factors emerge from time to time, and it is not possible for management of
the Corporation to predict all of these factors and to assess in advance the
impact of each such factor on the Corporation's business or the extent to which
any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statement or information.
The forward-looking statements contained herein are expressly qualified by this
cautionary statement. Moreover, neither the Corporation nor any other person
assumes responsibility for the accuracy and completeness of the forward-looking
statements.


The TSX Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction with Petroamerica 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. 


(Not for dissemination in the United States of America)

FOR FURTHER INFORMATION PLEASE CONTACT: 
Alastair Hill
President and Chief Executive Officer
Telephone: (403) 232-6784
Facsimile: (403) 232-6747


Travis Doupe
VP Finance and Chief Financial Officer
Telephone: (403) 232-6784
Facsimile: (403) 232-6747
www.suroco.com

(TSXV:SRN)
過去 株価チャート
から 5 2024 まで 6 2024

(TSXV:SRN)
過去 株価チャート
から 6 2023 まで 6 2024