ISS Proxy Advisory Services Updates Its Report to Recommend Suroco Shareholders Vote IN FAVOUR of Revised Arrangement Transac...

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is pleased
to announce that ISS Proxy Advisory Services ("ISS") has published a report
recommending their clients vote IN FAVOUR of the previously announced
arrangement transaction (the "Petroamerica Arrangement") with Petroamerica Oil
Corp. ("Petroamerica"), as recently revised for consideration of an increased
value equal to $0.80 per common share of Suroco ("Suroco Shares"). ISS indicated
in its report that it was changing its voting recommendation from its June 19,
2014 report whereby it recommended that Suroco shareholders vote for the hostile
bid by Vetra Holding S.a.r.l. (through its wholly-owned subsidiary Vetra
Acquisition Ltd.)("Vetra"), as revised to increase the consideration to $0.72
per Suroco share (the "Vetra Offer").


According to ISS "(f)urther to developments announced June 19th, Suroco has
today (June 20th) announced a revised offer by Petroamerica ("Revised
Petroamerica Offer") to acquire all of the issued and outstanding common shares
of Suroco for $0.80 per Suroco share. The Revised Petroamerica Offer also
entitles holders of Suroco shares to elect to receive common shares in
Petroamerica (PTA), a combination of cash and PTA shares, or all cash as further
explained in the analysis section below."


In its June 20, 2014 report, ISS concluded that the Vetra Offer is currently
below the implied offer consideration by Petroamerica and that Vetra has not
made a compelling case to continue supporting the Vetra Offer. Therefore, after
consideration of the Vetra Offer and the Revised Petroamerica Offer, ISS has
advised of a change in its voting recommendation such that it is once again IN
FAVOUR of the Petroamerica Arrangement.


Consideration under the Petroamerica Arrangement is payable through an election
by the Suroco shareholders to receive one of the following for each Suroco Share
held: (i) 2.2161 Petroamerica Shares (the "Share Option"); (ii) $0.2079 in cash
and 1.6401 Petroamerica Shares (the "Cash and Share Option"); or (iii) $0.80 in
cash (the "All Cash Option"). The total amount of cash available is capped at
$27 million. In the event that the amount of cash elected to be received by the
holders of Suroco Shares exceeds $27 million (taking into consideration the Cash
and Share Option elections and the All Cash Option elections), the shareholders
of Suroco that selected the All Cash Option will receive a pro-rated amount of
cash and the equivalent pro-rated number of Petroamerica Shares based on an
exchange ratio of 2.2161 Petroamerica Shares for each Suroco Share. There is no
limit on the ability of Suroco Shareholders to make any of the aforementioned
elections.


ISS is a leading independent corporate governance analysis and proxy advisory
firm whose recommendations assist its clients in making choices regarding proxy
voting and transaction decisions.


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. 


For more information about the Petroamerica Arrangement, see the Corporation's
joint press release with Petroamerica dated June 19, 2014. 


The TSX Venture Exchange Inc. has in no way passed upon the merits of the
Petroamerica Arrangement or 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]
[phone] (FAX)


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