Suroco Energy Inc. Announces Results of Charapa-1 Exploration Well in the Alea 1848A Block in Putumayo Basin in Colombia

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2011) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Suroco Energy Inc. (TSX VENTURE:SRN.V - News) ("Suroco" or the "Corporation") announces that the Charapa-1 exploration well in the Alea 1848A Block in Colombia has completed drilling and testing and is now in the process of being abandoned.

The Charapa-1 well spudded on October 2, 2011, targeting a structure mapped on 3D seismic with multiple potential hydrocarbon zones in Cretaceous aged formations. Total depth was reached in this vertical well bore at 10,546 feet and multiple crude oil and natural gas shows were encountered while drilling through the Villeta Formation. Log analysis confirmed the presence of oil in the Villeta U sand with additional potential hydrocarbons in the Villeta N sand. The Charapa-1 well was cased, and testing commenced on December 1, 2011. The Villeta U sand was tested using a hydraulic pump, and recovered formation water at a gross rate of approximately 1600 barrels of water per day and 1% 24 API gravity crude oil. The Villeta U sand was then isolated with a bridge plug, and the Villeta N sand was perforated and swabbed with no significant inflow.

On a post-drilling basis, information gained from the well will now allow a more accurate depth mapping solution to be made over the Charapa and other structures in the block.

Based upon the occurrence of strong oil and gas shows observed whilst drilling the Charapa-1 well in conjunction with multiple reservoir intervals and several other mapped structures in the block the Corporation has elected to proceed into the next phase of the exploration agreement, which will require the drilling of an exploration well prior to the end of 2012.

Operational Update

The drilling unit that has been used to drill the Charapa-1 well will remain on location while civil operations proceed for continuation of the multi-well development drilling program in the Corporations' Cohembi oil field, in the Suroriente Block.

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 the operational and exploration activities for the Corporation 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, abandonment of wells 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 the Corporation'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, the Corporation 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, the Corporation undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts

Travis Doupe
Suroco Energy Inc.
VP Finance and Chief Financial Officer of the Corporation
(403) 232-6784
(403) 264-7455 (FAX)
www.suroco.com