Suroco Energy announced that production operations in the Suroriente block in the Putumayo Basin of Colombia have been temporarily suspended.
This temporary suspension of production operations is the result of a declaration of a state of emergency, due to a general strike in the Putumayo department. The Colombian government is actively working with municipality leaders to resolve the situation as quickly as possible. The Corporation and the operator of the Suroriente block are monitoring the situation and appropriate measures have been taken to maintain the safety of both our personnel and our assets in the area.
The Corporation currently owns indirectly, through a wholly-owned subsidiary, a 10.3% interest in the Suroriente block (19.8% paying interest) and, as described in the Corporation's October 8, 2008 press release, has recently signed a definitive agreement to acquire an additional 5.5% interest (10.6% paying interest) in such Suroriente block.
This suspension of production operations is not expected to have a significant impact on the Corporation's development drilling program or seismic program in the area, which programs are described in the Corporation's November 17, 2008 press release.
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