Suroco Energy Inc. Responds to Revised Vetra Offer

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is
responding to the June 24, 2014 press release of Vetra Acquisition Ltd., a
wholly owned subsidiary of VETRA Holding S.a.r.l., wherein it gave notice that
it has increased the price of its offer to purchase all of the common shares of
Suroco to $0.83 in cash per common share (the "Vetra Offer"). As such, the Board
of Directors of the Corporation and the independent special committee of the
Board of Directors is carefully considering the Vetra Offer, with assistance of
its independent financial and legal advisors. 


As previously announced, Suroco has entered into an arrangement agreement dated
April 26, 2014 (the "Arrangement Agreement"), as amended by the agreement to
amend the arrangement agreement dated June 19, 2014, between Petroamerica Oil
Corp. and Suroco, wherein Petroamerica will acquire all of the issued and
outstanding common shares of Suroco (the "Petroamerica Arrangement"). The May
27, 2014 Management Information Circular and Proxy Statement of the Corporation,
as supplemented by the Supplement to the Management Information Circular and
Proxy Statement of the Corporation dated June 22, 2014, provides a detailed
description of the Petroamerica Arrangement. Copies of both documents are
available on Suroco's profile on SEDAR at www.sedar.com.


At the request of Petroamerica in accordance with the Arrangement Agreement, the
Board of Directors of Suroco confirms that at this time it has not withdrawn,
modified, or changed its previous recommendations and determinations with
respect to the Petroamerica Arrangement, and reaffirms that the Suroco Board has
unanimously determined that the Petroamerica Arrangement is in the best
interests of Suroco, is fair, from a financial point of view, to the
shareholders of Suroco and has unanimously approved the Petroamerica Arrangement
and the entering into of the Arrangement Agreement and has resolved to recommend
shareholders of Suroco vote in favour of the Petroamerica Arrangement. 


General 

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 Colombia. The Corporation's common shares trade on the TSX Venture Exchange
under the symbol SRN. 


Forward-Looking Statements

Certain statements included in this press release constitute forward-looking
statements under applicable securities legislation. These statements relate to
future events or future performance of the Corporation. All statements other
than statements of historical fact are forward-looking statements. In some
cases, forward-looking statements can be identified by terminology such as
"may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate",
"predict", "potential", "continue", or the negative of these terms or other
comparable terminology. Forward-looking statements or information in this press
release include, but are not limited to, Suroco's response to Vetra's Offer and
other statements that are not historical facts. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be no assurance
that the plans, intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known
and unknown risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, estimates, forecasts, projections and
other forward-looking statements will not occur, which may cause actual
performance and results in future periods to differ materially from any
estimates or projections of future performance or results expressed or implied
by such forward-looking statements. These assumptions, risks and uncertainties
include, among other things, the state of the economy in general and capital
markets in particular; fluctuations in oil prices; the results of exploration
and development drilling, recompletions and related activities; changes in
environmental and other regulations; risks associated with oil and gas
operations and future exploration activities; the need to obtain required
approvals from regulatory authorities; product supply and demand; market
competition; political and economic conditions in the country in which the
Corporation operates; and other factors, many of which are beyond the control of
the Corporation. You can find an additional discussion of those assumptions,
risks and uncertainties in Suroco's Canadian securities filings. 


The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, Suroco disclaims any
intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Additionally, Suroco undertakes no obligation to comment on the expectations of,
or statements made by, third parties in respect of the matters discussed above.
New factors emerge from time to time, and it is not possible for management of
the Corporation to predict all of these factors and to assess in advance the
impact of each such factor on the Corporation's business or the extent to which
any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statement or information.
The forward-looking statements contained herein are expressly qualified by this
cautionary statement. Moreover, neither the Corporation nor any other person
assumes responsibility for the accuracy and completeness of the forward-looking
statements.


The TSX Venture Exchange Inc. has in no way passed upon the merits of the
Petroamerica Arrangement or the Vetra Offer and has neither approved nor
disapproved the contents of this press release.


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 PLEASE CONTACT: 
Suroco Energy Inc.
Alastair Hill
President and Chief Executive Officer
[phone]


Suroco Energy Inc.
Travis Doupe
VP Finance and Chief Financial Officer
[phone]
[phone] (FAX)
www.suroco.com