Suroco Energy Inc. Provides Operational Update on Its Operations and the Operations of Winchester

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA 

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is pleased
to announce an update to its operations and the operations of Winchester Oil &
Gas S.A. ("Winchester").


On April 20, 2010, the Corporation entered into a binding letter of intent with
Winchester setting out the initial terms and conditions of an arm's length
merger between the Corporation and Winchester (the "Proposed Transaction").
Winchester is an oil and gas company incorporated in Panama and which has been
active in Colombia since 2002. Please refer to the Corporation's press releases
of April 22, 2010, April 30, 2010, May 4, 2010 and May 21, 2010 for more
information about the Proposed Transaction. The Proposed Transaction will
constitute a reverse take-over and a change of control of the Corporation within
the meaning of Policy 5.2 of the TSX Venture Exchange.


Winchester Operations

Yamu South 1 Well: The Yamu South-1 well, which is the first well in the Yamu
Block drilling program for 2010, commenced drilling on May 16, 2010. Winchester
is the operator of the Yamu Block and holds a 75% working interest in the Yamu
South-1 well and will be responsible for 50% of the costs.


The Yamu South-1 well is being drilled to test a four-way dip closed feature
which has been identified on 3D seismic and has reservoir objectives in the
Carbonera 7, Carbonera 8 and Guadalupe sands and will be drilled to a measured
depth of approximately 3,800 metres, equivalent to approximately 3,200 metres
true vertical depth. The well is being directionally drilled from the Yamu
surface location, where Winchester owns and operates facilities which should
allow the well to be put on production immediately upon completion.


The Yamu South-1 well is being drilled with Tuscany Rig 109, which has been
contracted to drill 5 wells on the Yamu Block, and is expected to take 42 days
to drill and complete. After completion of Yamu South-1 well, the rig will move
to another location on the same block where it will test the Picure feature,
which is located approximately 5 kilometers to the south of the Yamu South
feature on the Yamu Block, and which is expected to spud in mid-July, 2010. 


Winchester Oil & Gas, S.A. has been informed by the Agencia Nacional de
Hidrocarburos ("ANH") that it has qualified as an Operator for the 2010
bid-round in Colombia.


Suroco Operations

Suroco continues to focus on building additional fluid handling and
transportation facilities in the Suroriente Block in order to be able to produce
all wells to their optimum capacities. The Corporation expects this work to be
completed some time in the third quarter of 2010. Production from the Suroriente
Block for the first quarter of 2010 averaged 3,939 barrels of oil per day
("bopd") (574 bopd net after royalty to the Corporation) and production from the
Suroriente Block for the second quarter of 2010 until May 23 has averaged 6,504
bopd (948 bopd net after royalty to the Corporation).


The Corporation is also anticipating that a multiple well appraisal and
development drilling program in the Suroriente Block will commence in the third
quarter of this year.


Suroco Energy Colombia, a wholly owned subsidiary of Suroco, has been informed
by the ANH that it has qualified as a Restricted Operator for the 2010 bid-round
in Colombia.


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 and Western Canada. 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 Proposed
Transaction, the anticipated reverse take-over of Suroco and operational and
exploration activities for Suroco and Winchester and other statements. 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,
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 risk that the Proposed
Transaction will not be completed if a definitive agreement setting forth the
definitive terms and conditions of the Proposed Transaction is not reached or
that the necessary approvals and/or exemptions are not obtained or some other
condition to the closing of the Proposed Transaction is not satisfied; the state
of the economy in general and capital markets in particular; and the
assumptions, risks and uncertainties related to operational and future
exploration activities.


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.


For further information please visit our website at www.suroco.com.

The TSX Venture Exchange has in no way passed on the merits of the Proposed
Transaction and has neither approved nor disapproved the contents of the press
release. Completion of the Proposed Transaction is subject to a number of
conditions, including TSX Venture Exchange acceptance and disinterested
shareholder approval. The Proposed Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that the Proposed
Transaction will be completed as proposed or at all. Trading in the securities
of the Corporation should be considered highly speculative. 


Investors are cautioned that, except as disclosed in a disclosure document to be
prepared in connection with the Proposed Transaction, any information released
or received with respect to the Proposed Transaction may not be accurate or
complete and should not be relied upon.
(TSXV:SRN)
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