/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, Jan. 19 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") is pleased to announce that it has completed the final
tranche of its previously announced non-brokered private placement (the
"Private Placement). Aggregate gross proceeds for this closing of the Private
Placement were $193,600 with 880,000 common shares ("Shares") of the
Corporation being issued. Aggregate gross proceeds for the entire Private
Placement were $2,223,963.75 with 10,108,928 shares being issued.
The Shares issued pursuant to this closing of the Private Placement are
subject to a hold period and may not be sold or otherwise traded on or through
the facilities of the TSX Venture Exchange or otherwise in Canada or to or for
the benefit of a Canadian resident until May 20, 2009.
The Corporation intends to use the proceeds of the Private Placement to
fund ongoing operations including a 3D seismic program and preparation for a
near term oil field development drilling program in one of the Corporation's
assets in the Putumayo Basin of Colombia.
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, Western Canada and the United States. The
Corporation's common shares trade on the TSX Venture Exchange under the symbol
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, Vice President Finance and Chief
Financial Officer of the Corporation, or visit our website at www.suroco.com;
Telephone: (403) 232-6784, Facsimile: (403) 264-7455