Suroco Energy Inc. announces filing of financial statement, MD&A and operating results for 2008


    CALGARY, April 30 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") is pleased to announce that it has filed its audited
consolidated financial statements and the related Management's Discussion and
Analysis ("MD&A") for the year ended December 31, 2008 on the System for
Electronic Document Analysis and Retrieval ("SEDAR").
    Copies of these documents can be found on the SEDAR website at

    Summary of Annual Results

    (All references to $ are Canadian dollars unless otherwise noted)

                                              2008         2007         2006


    Oil and gas revenue ($)             11,771,793      201,635      190,025
    Funds flow from operations(1)($)       310,087      197,608      133,882

      Per share - basic ($)                   0.02            -            -
      Per share - diluted ($)                 0.02            -            -
    Net loss ($)                        (8,264,795)    (224,838)    (525,804)
      Per share - basic ($)                  (0.23)       (0.01)       (0.02)
      Per share - diluted ($)                (0.23)       (0.01)       (0.02)
    Total assets ($)                    41,718,959    8,922,382    9,012,953
    Net working capital(1)($)            7,914,531    3,796,643    8,506,716
    Common shares outstanding,
     end of period
      Basic (000's)                     48,215,240   27,366,606   27,366,606
      Diluted (000's)                   56,675,242   29,041,606   29,041,606
    Average daily net
     production (boe per day)                  141            8            9
    (1) Non-GAAP measure. See "Non-GAAP Measures" section within MD&A.


     -  Acquisition of NCT Corporación Petrolera Latinoamericana S.L. (NCT)
        with production in U.S.A. and Colombia.

     -  Awarded two explorations blocks in Putumayo Basin in June 2008.

     -  Signed definitive agreement to acquire additional interests in all
        four core Colombian properties. The transaction closed March 31,

     -  Signed amendment to Arjona Gas Development project to extend rights
        to 8,000 feet.

     -  Completed non-brokered private placement financing in December 2008
        for aggregate proceeds of $2,030,364.

     -  Began first ever 3D seismic program in Suroriente block. Finished
        program in second quarter 2009. Expected to process data in second
        quarter 2009 to begin drilling program in third quarter 2009.

     -  Increased reserves from 48,000 boe at December 31, 2007 to 735,000
        boe at December 31, 2008, excluding transaction which closed
        March 31, 2009.

     -  Increased average boe per day in 2008 to 141 from 8 in 2007.

     -  Colombia production was shut-in from November 23, 2008 until
        January 8, 2009 due to a general strike in the area. Production came
        back on in January at approximately 221 boe per day net to Suroco.

    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 and Central and South America. The Corporation's
common shares trade on the TSX Venture Exchange under the symbol SRN.

    Forward Looking Statements

    Certain information regarding the Corporation 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 has in no way passed on the merits of the
    aforementioned transactions and has neither approved nor disapproved the
    contents of the press release. Trading in the securities of the
    Corporation should be considered highly speculative.

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: please contact Travis Doupe, VP Finance and
Chief Financial Officer of the Corporation, or visit our website at, Telephone: (403) 232-6784, Facsimile: (403) 264-7455

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890