/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TORONTO, June 26 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
("Suroco" or the "Corporation") is pleased to announce that the National
Agency of Hydrocarbons of Colombia (ANH) has awarded the Alea 1947 C Block, in
the Putumayo Province to a consortium (the "Consortium") in which the
Corporation, indirectly through its wholly owned subsidiary NCT Corporacion
Petrolera Latinoamericana S.L. ("NCT"), participates with a 15.9% working
The Alea 1947 C Block has a total area of approximately 235 km(2) and is
located northeast of the Suroriente Block. The Suroriente Block (36,528
hectares) is located in the southeast sector of the Putumayo River and south
by the San Miguel River on the Colombian side of the border with Ecuador.
The commitment in the Alea 1947 C Block is to acquire 100 km of new 2D
seismic in 18 months at an estimated cost of US$3.0 million. The Consortium
have funded the total committed minimum work program (phase 1) for the Alea
1947 C Block through an administration trust and stand-by letters of credit,
for a total US$526,000 net to NCT.
As a result of the acquisition of NCT, the Corporation now holds,
indirectly through NCT, interests in: (a) five blocks in Colombia: the
Suroriente Block, the Arjona Field, the Hato Nuevo Field, the Alea 1848 A
Block and the Alea 1947 C Block, (b) the Pirineo and Nejo Blocks in Mexico,
and (c) the Hardin Field in Texas.
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, VP Finance and Chief Financial
Officer of the Corporation, Telephone: (403) 232-6252, Facsimile: (403)