Suroco Energy Inc. announces grant of performance warrants


    CALGARY, Feb. 17 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces the grant of performance warrants (the
"Performance Warrants") to acquire up to 432,924 common shares of the
Corporation at an exercise price of $0.31 per share, such Performance Warrants
to expire three years from the date of grant. The Performance Warrants contain
a performance milestone of aggregate wellhead production by the Corporation
(taken as a whole) exceeding net 1,000 barrels of oil equivalent per day for
thirty (30) consecutive days, as determined by the disinterested members of
the Board of Directors of the Corporation, with such performance warrants to
vest upon the achievement by the Corporation of the aforementioned performance
    The Performance Warrants are being issued to directors, officers and
employees of NCT Corporación Petrolera Latinoamericana S.L. ("NCT") in
accordance with the acquisition by the Corporation of NCT (as described in the
Corporation's press release dated April 18, 2008), whereby the Corporation
agreed to issue performance warrants to acquire up to 3,000,000 common shares
of the Corporation to directors, officers and employees of NCT on a
post-closing basis. As part of this grant of Performance Warrants, Mr. Manuel
Trevino and Mr. Fernando Puig, both directors of the Corporation and officers
of NCT, are being granted Performance Warrants to acquire up to 94,264 and
18,074 common shares of the Corporation, respectively.

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

    Neither TSX Venture Exchange nor its Regulation Services 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: Travis Doupe, Vice President, Finance and Chief
Financial Officer of the Corporation at: Telephone: (403) 232-6784, Fax: (403)

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