/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, Jan. 15 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces that it and Alentar Holdings Inc. ("Alentar")
have agreed to amend the "Closing Date", as defined in the purchase and sale
agreement (the "Agreement") dated October 7, 2008 between the Corporation and
Alentar, to February 27, 2009. As previously announced in the Corporation's
October 8, 2008 press release, the Agreement provides for the proposed
acquisition (the "Transaction") by the Corporation of oil and gas interests in
Colombia currently held by Alentar, in exchange for 8,700,000 common shares in
the capital of the Corporation at a deemed price of US$1.00 per share and
4,000,000 Contingent Value Rights.
The Corporation and Alentar are working diligently to fulfill all
conditions of closing the Transaction as set forth in the Agreement, but
require some additional time to fulfill such conditions and therefore have
decided it is in the best interests to amend the "Closing Date". The
Corporation expects that such conditions will be fulfilled in the near future.
The Corporation is Calgary-based junior oil and gas company, which
explores for, develops, produces and sells crude oil, natural gas liquids and
natural gas in Central and South America, Western Canada and the United States
of America. The Corporation's common shares trade on the TSX Venture Exchange
under the symbol SRN.
Forward Looking Statements
Certain information contained herein may constitute forward looking
statements within the meaning of applicable securities laws. Forward looking
statements may include estimates, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements of facts.
Although the Corporation believes that the expectations reflected in such
forward looking statements are reasonable, it can give no assurance that such
expectations will be realized. These statements are subject to certain risks
and uncertainties and may be based on assumptions that could cause actual
results to differ materially from those anticipated or implied in the forward
looking statements. The Corporation's forward looking statements are expressly
qualified in their entirety by this cautionary statement.
The TSX Venture Exchange has in no way passed on the merits of the
Transaction and has neither approved nor disapproved the contents of the
press release. There can be no assurance that the Transaction will be
completed as proposed or at all. Trading in the securities of the
Corporation should be considered highly speculative.
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, Telephone: (403) 232-6784, Facsimile: (403)