Suroco Energy Inc. extends deadline for entering into mutual agreement with NCT


    CALGARY, Oct. 11 /CNW/ - Suroco Energy Inc. (TSX Venture Exchange: SRN)
(the "Corporation") announces that, effective October 1, 2007, it extended the
deadline for entering into a mutually accepted definitive agreement (the
"Definitive Agreement") with NCT Corporacion 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 continue to negotiate in good faith the terms of the Definitive Agreement
and are working towards finalizing various matters ancillary to the
Acquisition. The delay in finalizing some of these matters was due in part to
difficulties in NCT retaining a qualified auditor in Spain. However, these
issues have now been resolved and NCT expects to receive audited financial
statements in the near future. The Corporation and NCT have agreed it is in
their best interests to amend the letter agreement dated effective May 31,
2007 (the "Letter Agreement"), as amended, they originally entered into in
respect of the Acquisition, to provide that the deadline to enter into such
Definitive Agreement be December 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 216 barrels per day and gas production of approximately
206 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 speculative.

    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)

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