/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, Sept. 6 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces that, effective August 31, 2007, it has extended
the deadline for entering into a mutually accepted definitive agreement (the
"Definitive Agreement") with NCT Corporacisn Petrolera Latinoamericana S.L.
("NCT") in respect of the previously announced proposed arm's length
acquisition of NCT by the Corporation (the "Acquisition"). The Corporation and
NCT are working together on drafting that Definitive Agreement and have
decided it is in their best interests to amend the letter agreement dated
effective May 31, 2007 (the "Letter Agreement") they originally entered into
in respect of the Acquisition, to provide that the deadline to enter into such
Definitive Agreement be October 1, 2007.
As previously announced, the Corporation and NCT entered into the Letter
Agreement whereby the Corporation intends to acquire all of the issued and
outstanding securities of NCT in exchange for 11,625,000 common shares in the
capital of the Corporation at a deemed price of US$0.80 per share and the
issuance of 4,375,000 special warrants of the Corporation. NCT is formed under
the laws of Spain with offices in Caracas, Venezuela and Bogota, Colombia and
operations in Colombia, Mexico and Texas, USA. NCT has existing oil production
of approximately 172 barrels per day and gas production of approximately
176 boe per day (including interests to be acquired by NCT pursuant to ongoing
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 Western Canada. The Corporation's common shares trade on the
TSX Venture Exchange under the symbol SRN.
The TSX Venture Exchange has in no way passed on the merits of the
proposed transaction and has neither approved nor disapproved the
contents of the press release. There can be no assurance that the
proposed transaction will be completed as proposed or at all. Trading in
the securities of the Corporation should be considered highly
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Jeffrey Scott, President and Chief Executive
Officer of the Corporation, Telephone: (403) 232-6252, Facsimile: (403)