/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, July 28 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") is pleased to announce the appointment of Alastair Hill as
President, Chief Executive Officer and a director of the Corporation, subject
to approval of the TSX Venture Exchange.
Mr. Hill has over 30 years of international oil and gas experience,
having held senior strategic and operational leadership positions with several
large independent oil companies, most recently as Vice President with the
International Division at Encana Corporation, prior to which he led the
business development and operations activities in Africa and the Middle East
regions at PanCanadian Energy. Mr. Hill has a wide ranging background in
business development and oil and gas exploration across several continents and
has been both directly responsible for and associated with oil and gas
discoveries in Africa, Southeast Asia, Europe and Canada. Mr. Hill is a
registered Professional Geologist of Alberta and a Chartered Geologist of the
Geological Society of London. Mr. Hill commented, "I am excited about joining
Suroco and privileged to be able to work alongside a team of very experienced
professionals who have strong knowledge, background and industry contacts in
Latin America, especially Colombia. Our people and our existing balance of
assets combined with our active and successful Directors will start us in the
right direction and help guide what I believe will be a period with strong
Mr. Hill takes over from Jeffrey Scott, the founder of the Corporation,
who has acted as President and Chief Executive Officer since its inception in
2005. Having managed the Corporation through its early development, the Board
of Directors of the Corporation and Mr. Scott have determined that the
Corporation now requires a fully staffed and dedicated management team to lead
it through its next planned stage of growth and development. As President and
Chief Executive Officer, Mr. Hill will be responsible for leading the
Corporation by building upon the strengths of the Corporation's existing
assets and generating additional growth and value for its shareholders through
the identification and capture of new business opportunities.
Mr. Scott, who remains with the Corporation as an active director and
will be Chairman of the soon-to-be-formed operating committee of the
Corporation, recently commented, "With the close of the acquisition of NCT
Corporacion Petrolera Latinoamericana S.L. in April of this year, Suroco
acquired a core portfolio of Colombian assets with production which positions
the Corporation to accelerate its growth profile. Consequently, the time is
right to put in place the key individuals of the management team. I am
delighted to be able to say that with Mr. Travis Doupe as Chief Financial
Officer and Mr. Alastair Hill as President and Chief Executive Officer, the
management team of the Corporation is now complete."
In addition to the Corporation's initial acquisition referred to above,
two new exploration blocks in the Putumayo Basin have been awarded to NCT, now
a wholly owned subsidiary of Suroco. Another transaction which will
consolidate and increase Suroco's working interests in these core assets in
Colombia is expected to close in the near future.
For further information about: (a) the Corporation's acquisition of NCT
Corporacion Petrolera Latinoamericana S.L., see the Corporation's press
release of April 18, 2008; (b) the award of two new exploration blocks in the
Putumayo Basin in Colombia, see the Corporation's press releases of June 10
and June 26, 2008; and (c) the transaction to consolidate and increase the
Corporation's working interests in its core assets in Colombia, see the
Corporation's July 21, 2008 press release.
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.
Certain information 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 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)