Suroco Energy Inc. announces amendment to terms of proposed $10 million private placement



    /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

    CALGARY, June 19 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces its intention to amend the terms of the proposed
brokered private placement of up to $10,000,000 worth of units (the "Units")
that it announced on April 27, 2009, subject to the approval of the TSX
Venture Exchange. The Corporation now intends that up to 40 million Units be
issued at a price of $0.25 per Unit, each Unit to be comprised of one common
share of the Corporation ("Common Share") and one Common Share purchase
warrant ("Warrant"). Each Warrant will now entitle the holder to acquire one
Common Share for a period of 36 months from the applicable closing date or
dates for the offering, at an exercise price of $0.35 per Common Share.
    As announced on April 27, 2009, the Corporation has entered into an
agreement with Raymond James Ltd. to act on a "best efforts" agency basis in
connection with this proposed private placement of Units.
    Closing of this proposed private placement is anticipated to occur on or
about June 30, 2009 or such other date or dates that the Corporation and
Raymond James Ltd. agree. This proposed private placement is subject to
certain conditions including, but not limited to, the receipt of all necessary
regulatory approvals, including the approval of the TSX Venture Exchange.
    All securities issued in connection with this proposed private placement
will be subject to a four-month hold period.
    It is anticipated that the net proceeds of the proposed private placement
will be used by Suroco for development drilling in the Corporation's
Suroriente production block in Colombia and for general working capital.

    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 and Western Canada. The Corporation's common shares
trade on the TSX Venture Exchange under the symbol SRN.

    
    Neither the 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.
    

    This press release does not constitute and the subject matter hereof is
not, an offer for sale or a solicitation of an offer to buy, in the United
States or to any "U.S Person" (as such term is defined in Regulation S under
the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or
other securities of the Corporation. The securities of the Corporation to be
issued in connection with the proposed private placement have not been
registered under the 1933 Act and may not be offered or sold in the United
States (or to a U.S. Person) absent registration under the 1933 Act or an
applicable exemption from the registration requirements of the 1933 Act.





For further information:

For further information: Travis Doupe, VP Finance and Chief Financial
Officer of the Corporation, Telephone: (403) 232-6784

Organization Profile

SUROCO ENERGY INC.

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