Suroco Energy Inc. announces grant of performance warrants and stock options



    /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

    CALGARY, Oct. 20 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces the grant of performance warrants (the
"Performance Warrants") to acquire up to 567,076 common shares of the
Corporation at a price of $0.22 per share, such Performance Warrants to expire
three years from the date of grant. The Performance Warrants contain a
performance milestone of aggregate wellhead production by the Corporation
(taken as a whole) exceeding net 1,000 barrels of oil equivalent per day for
thirty (30) consecutive days, as determined by the disinterested members of
the Board of Directors of the Corporation, with such performance warrants to
vest upon the achievement by the Corporation of the aforementioned performance
milestone.
    The Performance Warrants are being issued to directors, officers and
employees of NCT Corporacion Petrolera Latinoamericana S.L. ("NCT") in
accordance with the acquisition by the Corporation of NCT (as described in the
Corporation's press release dated April 18, 2008), whereby the Corporation
agreed to issue performance warrants to acquire up to 3,000,000 common shares
of the Corporation to directors, officers and employees of NCT on a
post-closing basis. As part of this grant of Performance Warrants, Mr. Manuel
Trevino and Mr. Fernando Puig, both directors of the Corporation and officers
of NCT, are each being granted Performance Warrants to acquire up to 45,000
common shares of the Corporation.
    The Corporation also announces the grant of incentive stock options to
acquire up to 72,000 common shares of the Corporation at a price of $0.475 per
share, such options to expire three years from the date of grant. The terms of
these stock options contain a performance milestone of aggregate wellhead
production by the Corporation (taken as a whole) exceeding net 1,000 barrels
of oil equivalent per day for thirty (30) consecutive days, as determined by
the disinterested members of the Board of Directors of the Corporation, with
such stock options to vest upon the achievement by the Corporation of the
aforementioned performance milestone. Of these stock options, Mr. Travis
Doupe, the Vice President, Finance and Chief Financial Officer of the
Corporation, is being granted stock options to acquire up to 45,000 common
shares of the Corporation. The remainder of these stock options are granted to
a consultant to the Corporation.

    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 Central and South America, Western Canada and the United
States. 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, Vice President, Finance and Chief
Financial Officer of the Corporation at: Telephone: (403) 232-6784, Fax: (403)
264-7455

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SUROCO ENERGY INC.

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