/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, July 8 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces that the Corporation has accepted the
resignation of Mark Jones as a director of the Corporation. Mr. Jones has
resigned in order to focus on his other business interests. The Corporation
would like to express its appreciation to him for his hard work and dedication
to the Corporation.
The Corporation also announces that the Alberta Securities Commission
(the "ASC") has set a hearing for February 17, 2009 involving the management
team and directors of High Plains Energy Inc. (now Action Energy Inc. pursuant
to a plan of arrangement). The ASC alleges that during the period from July
2005 to January 2006 management of High Plains Energy Inc. participated in the
issuance of press releases which materially overstated High Plains Energy
Inc.'s oil production rates. Additionally, the ASC alleges that on becoming
aware of the overstatement in February 2006 the directors of High Plains
Energy Inc. participated in the issuance of further press releases in February
and March of 2006 which were misleading in that they did not adequately
disclose the material overstatements. One of the directors of High Plains
Energy Inc., Mr. Walter Dawson, is a director of the Corporation. Another of
the directors of High Plains Energy Inc., Mr. Jeffrey Scott, is the President,
Chief Executive Officer and a director of the Corporation. One of the possible
sanctions that may be imposed by the ASC if the allegations are proven is the
requirement that Messrs. Dawson and Scott resign as directors and officers of
corporations of which they are directors or officers, including the
Corporation. As of the date hereof the allegations by the ASC are unproven.
Messrs. Dawson and Scott are disputing and defending the allegations of the
ASC which they regard as being without merit. The allegations of the ASC are
not in respect of the actions of Messrs. Dawson and Scott while directors or,
as applicable, officers of the Corporation and they have no bearing on the
Corporation or its business.
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 Western Canada and Central and South America. The Corporation's
common shares trade on the TSX Venture Exchange under the symbol SRN.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Travis Doupe, VP Finance and Chief Financial
Officer of the Corporation at: Telephone: (403) 232-6784, Facsimile: (403)