/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, July 28 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces the grant of incentive stock options to Mr.
Alastair Hill, the President and Chief Executive Officer of the Corporation,
to acquire up to 500,000 common shares of the Corporation at a price of
$0.60 per share, such options to vest immediately and to expire five years
from the date of grant.
The Corporation has also granted to Mr. Hill performance warrants to
acquire up to 1,000,000 common shares of the Corporation at a price of
$0.60 per share, such performance warrants to expire three years from the date
of grant. The performance warrants granted to Mr. Hill contain performance
milestones of aggregate wellhead production by the Corporation (taken as a
whole) exceeding net 1,000, 1,500 and 2,000 barrels of oil equivalent per day
for thirty (30) consecutive days, as determined by the non-interested members
of the Board of Directors of the Corporation, with one-third of such
performance warrants to vest upon the achievement by the Corporation of each
of the aforementioned performance milestones.
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 Western Canada, the United States and Central and South
America. 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)