Suroco Energy Inc. announces filing of first quarter financial statements and MD&A



    /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

    CALGARY, May 29 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") is pleased to announce that it has filed its interim
unaudited consolidated financial statements and the related Management's
Discussion and Analysis ("MD&A") for the quarter ended March 31, 2009 on the
System for Electronic Document Analysis and Retrieval ("SEDAR").
    Copies of these documents can be found on the SEDAR website at
www.sedar.com.

    
    Financial and Operating Highlights

    (All references to $ are Canadian dollars unless otherwise noted)

                                                     3 months ended March 31
                                                      2009              2008
    -------------------------------------------------------------------------
    Financial

    Oil and gas revenue ($)                      1,814,948            47,861
    Funds flow from operations(1) ($)             (455,375)           19,128
    Per share - basic ($)                                -                 -
    Per share - diluted ($)                              -                 -
    Net loss ($)                                (1,441,305)       (1,906,093)
    Per share - basic ($)                            (0.03)            (0.07)
    Per share - diluted ($)                          (0.03)            (0.07)
    Total assets ($)                            36,437,835         7,405,621
    Net working capital(1) ($)                   5,594,153         3,182,207
    Common shares outstanding, end of period
      Basic (000's)                             58,045,240        27,366,606
      Diluted (000's)                           66,563,166        29,041,606
    -------------------------------------------------------------------------

    Average daily net production (boe per day)         200                 6
    -------------------------------------------------------------------------
    (1) Non-GAAP measure. See "Non-GAAP Measures" section within MD&A.


    Highlights

    -   Effective March 31, 2009, closed acquisition of Alentar assets which
        increased working interests in all four core properties in Colombia.
        See the Corporation's April 6, 2009 press release for more
        information.

    -   Exited quarter with 302 boe per day.

    -   Completed first ever 3D seismic program in Suroriente block in
        April 2009.

    -   Disposed of Texas, U.S.A. properties, and closed office in Caracas,
        Venezuela in order to cut costs in new oil price environment and to
        focus on Colombia.

    -   Closed second tranche of private placement to raise an additional
        $193,600.
    

    References herein to "boe" mean barrels of oil equivalent derived by
converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to
one barrel (bbl) of oil. Boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.

    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.

    Forward Looking Statements

    Certain information regarding the Corporation 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
    aforementioned transactions and has neither approved nor disapproved the
    contents of the press release.

    Trading in the securities of the Corporation should be considered highly
    speculative. Neither the TSX Venture Exchange nor its Regulation Service
    Provider (as that term is defined in the policies of the TSX Venture
    Exchange) accepts responsibility for the adequacy or accuracy of this
    release.
    




For further information:

For further information: Travis Doupe, VP Finance and Chief Financial
Officer of the Corporation, or visit our website at www.suroco.com, 
Telephone: (403) 232-6784, Facsimile: (403) 264-7455

Organization Profile

SUROCO ENERGY INC.

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