CALGARY, ALBERTA--(Marketwire - March 14, 2012) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is pleased to announce commencement of drilling operations in the 2012 multi-well appraisal drilling program in the Cohembi oil field.

The Cohembi-5 well spudded on March 11, 2012, and is expected to reach total depth in approximately 27 days. The well is being directionally drilled from the Cohembi-3 surface pad, which will allow it to be completed and placed on production immediately following the drilling operations. The bottom-hole location for Cohembi-5 will be more than 1.3 kilometers to the south-west of the bottom-hole locations of the existing Cohembi-1 and Cohembi-3 producing oil wells.

Following the completion of Cohembi-5, drilling is scheduled to continue through the end of 2012 in an appraisal program that is designed to determine the extent, geometry, and continuity of the Cohembi Villeta N oil pool. Reservoir simulation studies of the entire pool production history, and information from the successful appraisal drilling program of 2011, indicates that substantial incremental production and reserves can be realized with additional drilling and implementation of pressure maintenance by waterflood. Construction of a new multi-well surface pad for the follow-up location, Cohembi-4, is approximately 40% completed and is expected to be finished prior to the end of operations at Cohembi-5. Planning is also underway for an additional multi-well pad that will appraise the pool further to the south, where the Corporation's technical evaluation indicates the majority of the undeveloped oil potential is situated.

Further details explaining the Corporation's activities and 2012 drilling program are contained in a presentation on the Corporation's website at [ www.suroco.com ]

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

This press release contains forward-looking statements relating to, among others, the operational and exploration activities for Suroco, timing of completion of drilling of the Cohembi-5 well, timing of completion of construction of the multi-well surface pad for the Cohembi-4 location, the evaluation of certain prospects in which the Corporation holds an interest, expected capital program (including its allocation), production growth, 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.

Readers should also note that even if the 2012 drilling program as proposed by Suroco is successful, there are many factors that could result in production levels being less than anticipated or targeted, including without limitation, greater than anticipated declines in existing production due to poor reservoir performance, mechanical failures or inability to access production facilities, among other factors.

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.

Contributing Sources

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