Suroco Announces the Cohembi-5 Appraisal Well Delineates High Quality Oil Reservoir

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is pleased
to announce that the Cohembi-5 appraisal well has been successfully drilled to
total depth and has encountered high quality oil pay similar to the other three
existing producing wells in the Cohembi oil field. 


Mr. Alastair Hill, the Corporation's President and Chief Executive Officer
commented, "The Cohembi-5 results demonstrate that we are on the right track in
our appraisal drilling program at Cohembi. The information from this well, which
intercepted the reservoir some 1.3 kilometers away from the Cohembi-3 well, fits
with our geological model, which indicates a large volume of undeveloped
reservoir exists to the south of our producing wells. Our next 2012 drilling
locations will focus on delineating the northern extent of the field while a new
multi-well pad (Cohembi-6) is constructed to continue drilling appraisal wells
further to the south". 


The Cohembi-5 well was spudded on March 11, 2012 and drilled directionally to
the south-west from the Cohembi-3 surface pad and approximately 1.3 kilometers
from the nearest bottomhole well location. The well reached a total depth of
9,447 feet (8,638 feet true vertical depth) on April 8, 2012. Core and open hole
logs indicate 23 feet of high quality net oil pay that is similar to that
encountered in the two previous Cohembi development wells drilled during 2011.
These results have increased the proven vertical oil column in the Cohembi field
by 22 feet to a total of 77 feet, with no water contact encountered to date. The
Cohembi-5 well is expected to be cased, completed, and placed on production
within the next two weeks. 


Following the completion of Cohembi-5, the drilling rig will spud the Cohembi-7
well from the same surface pad. This well will delineate the pool in the
north-eastern direction, maintaining an inter-well spacing of approximately
1,000 metres from existing wells. The drilling rig will then move to the
Cohembi-4 multi-well surface pad to appraise the north-west extent of the pool.
The remainder of the 2012 program will then focus on delineating the southern
extent of the field from the planned Cohembi-6 multi-well surface pad. 


Further details explaining the Corporation's activities and 2012 drilling
program are contained in a presentation on the Corporation's website at
www.suroco.com. 


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 Suroco, the evaluation of certain
prospects in which the Corporation holds an interest, estimated number of
drilling locations, expected capital program (including its allocation),
production growth, 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, recompletions 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 Suroco's Canadian securities filings. 


Readers should also note that even if the 2012 drilling program as proposed by
Suroco is successful, there are many factors that could result in production
levels being less than anticipated or targeted, including without limitation,
greater than anticipated declines in existing production due to poor reservoir
performance, mechanical failures or inability to access production facilities,
among other factors.


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.
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