SRN

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is pleased
to announce that it exercised its option (the "Option") to acquire a 28%
undivided working interest (the "Interest") in the Llanos 33 Block in Colombia.
The Corporation acquired the option from Thorneloe Energy Sucursal Colombia
("Thorneloe") pursuant to an agreement (the "Agreement") dated December 18, 2009
as noted in the Corporation's press releases dated December 21, 2009 and January
13, 2010.


"Exercising this option on Block 33, where we anticipate drilling two
exploration wells in the first half of 2011, adds materially to the near-term
activity in our exploration portfolio. By structuring our entry based upon a
seismic option, we have been able to fully evaluate the new 3D seismic before we
made the decision to acquire the Interest by exercising the Option, thereby
taking out some of the risk in our entry decision. The new 3D seismic has
revealed the presence of several exploration prospects which, assuming
acquisition of the Interest is completed, under the terms of the Agreement we
will be able to participate in drilling three exploration wells for no more than
at a cost of $500,000 per well, except where the three exploration wells are not
drilled in sequence, in which case the Corporation will be responsible for 28%
of any additional mobilization or standby costs."


Suroco will acquire the Interest in exchange for the following:



a.  2,144,490 common shares of the Corporation at a deemed aggregate value
    of US$1,000,000; 
b.  reimbursement of up to US$2,000,000 of the costs of the seismic program
    (the "Seismic Program") completed by Thorneloe on Lanos Block 33; and 
c.  where the costs of the Seismic Program exceeded US$2,000,000,
    reimbursement of up to 28% of the amount by which the costs of the
    Seismic Program exceeded US$2,000,000. 



The acquisition of the Interest by the Corporation is subject to a number of
conditions, including the approval of the TSX Venture Exchange and the Agencia
Nacional de Hidrocarburos of Colombia.


The Agreement also provides that for any exploration well on Llanos Block 33
where there has been a discovery (a "Discovery Well") in which the Corporation
elects to maintain its working interest (instead of assigning its interest in
such well to Thorneloe), the Corporation shall issue common shares to Thorneloe
as follows:




a.  in the case of the first four of such Discovery Wells, 1,300,000 common
    shares; and 
b.  for each Discovery Well after the first four of such Discovery Wells,
    975,000 common shares. 



In addition, the Agreement also provides that for each individual Discovery Well
in which the Corporation has elected to maintain its working interest and which
exceeds cumulative production of 5,000,000 barrels of oil, the Corporation is
obliged to issue an additional 2,600,000 common shares to Thorneloe upon that
production benchmark being met for the first time.


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
acquisition of the Interest by the Corporation and operational and exploration
activities for Suroco 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 acquisition of the Interest by the
Corporation will not be completed if the necessary approvals and/or exemptions
are not obtained or the conditions to the closing of the acquisition of the
Interest by the Corporation are 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.


The TSX Venture Exchange has in no way passed on the merits of the acquisition
of the Interest by the Corporation and has neither approved nor disapproved the
contents of the press release. Completion of the acquisition of the Interest by
the Corporation is subject to a number of conditions, including TSX Venture
Exchange acceptance. There can be no assurance that the acquisition of the
Interest by the Corporation will be completed as proposed or at all. Trading in
the securities of the Corporation should be considered highly speculative.

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