Suroco Amends Closing Date for Proposed Acquisition of Colombian Assets

Suroco announces that it and Alentar Holdings Inc. have agreed to amend the "Closing Date," as defined in the purchase and sale agreement (the "Agreement") dated October 7, 2008 between the Corporation and Alentar, to February 27, 2009. As previously announced in the Corporation's October 8, 2008 press release, the Agreement provides for the proposed acquisition by the Corporation of oil and gas interests in Colombia currently held by Alentar, in exchange for 8,700,000 common shares in the capital of the Corporation at a deemed price of US $1.00 per share and 4,000,000 Contingent Value Rights.

The Corporation and Alentar are working diligently to fulfill all conditions of closing the Transaction as set forth in the Agreement, but require some additional time to fulfill such conditions and therefore have decided it is in the best interests to amend the "Closing Date." The Corporation expects that such conditions will be fulfilled in the near future.