Suroco Energy : Comments on Dealer Payments

810, 940 - 6th Ave S.W. Calgary, Alberta T2P 3T1

For Immediate Release

Calgary, Alberta June 17, 2014 SUROCO ENERGY INC. REAFFIRMS RECOMMENDATION FOR BUSINESS COMBINATION WITH PETROAMERICA AND UPDATES SHAREHOLDERS ON COERCIVE TACTICS OF VETRA Suroco Energy Inc. (TSX Venture Exchange: SRN) ("Suroco" or the "Corporation") announced that on June 11, 2014 its Board of Directors unanimously recommended that Suroco shareholders continue to vote their common shares in the capital of Suroco ("Suroco Shares") IN FAVOURof the proposed plan of arrangement (the "Petroamerica Arrangement") with Petroamerica Oil Corp. ("Petroamerica") and REJECTthe unsolicited offer (the "Vetra Offer") from Vetra Acquisition Ltd., a wholly owned subsidiary of VETRA Holding S.a.r.l. (collectively "Vetra") to purchase the issued and outstanding Suroco Shares.

Various market participants have commented on the inadequacy of the Vetra Offer and Vetra has now resorted to secretive tactics to coerce Suroco shareholders to vote their Suroco Shares against the Petroamerica Arrangement by amending its Soliciting Dealer Group Agreement dated June 9, 2014 to include the payment of a proxy solicitation fee to investment advisors who solicit Suroco shareholders to vote against the Petroamerica Arrangement. This tactic has been condemned by various Canadian market participants as it tends to distort financial advisor - investor relationships and compromises the independence of brokers and financial advisors, whose clients trust them to provide independent advice. This fee is calculated on a per share basis and is being offered by Vetra directly to investment advisors instead of being used to enhance the Vetra Offer to Suroco shareholders. Suroco Shares continue to trade well above the Vetra offer of $0.60 per Suroco Share and this fee offered by Vetra is of no direct benefit to Suroco shareholders and is being paid directly to investment advisors to solicit proxies which would permit the inferior Vetra Offer. Vetra's Offer has already been rejected by the Suroco Board of Directors.

Suroco reminds its shareholders that the Vetra Offer is highly conditional (to the benefit of Vetra) and contains no less than 25conditions which must be satisfied or waived before Vetra is obligated to take up and pay for Suroco Shares deposited under the Vetra Offer (including conditions which cannot be satisfied and accordingly must be waived by Vetra). There are also other conditions which are not subject to a materiality threshold but rather provide Vetra with very broad discretion to decline to proceed with Vetra Offer.

Suroco shareholders have the right to know the facts and Vetra has not shared this amended solicitation agreement with all Suroco shareholders but instead has communicated this solicitation fee to investment advisors in a discreet and secretive manner.
The Board of Directors believes that the Petroamerica Arrangement creates a combined company that provides Suroco shareholders the opportunity to participate in the upside that can be delivered by a well- capitalized, under-levered, oil and gas company with a production base of approximately 9,000 barrels of oil equivalent per day (net before royalty) and an exciting portfolio of both development and exploration assets in Colombia. Petroamerica has stated that the Petroamerica Arrangement represents an important step towards realizing its vision of becoming a leading Colombia focused exploration and production player targeting oil production upwards of 30,000 barrels of oil equivalent per day.
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Directors' Circular

The Board of Directors' unanimous recommendation to Suroco shareholders that they REJECTthe Vetra Offer and instead vote their Suroco Shares IN FAVOURof the Petroamerica Arrangement, as well as a more detailed discussion of the reasons for rejecting the Vetra Offer shall be set out in Suroco's Directors' Circular that will be mailed in due course to each of Suroco's shareholders in compliance with applicable securities laws and filed with Canadian securities regulatory authorities. The Directors' Circular will be available on SEDAR at www.sedar.comand on Suroco's website at www.suroco.com. Shareholders are advised to read the Directors' Circular carefully and in its entirety, as it will contain important information regarding Suroco and the Vetra offer. If shareholders of Suroco have any questions or require more information, they are encouraged to contact Suroco's proxy solicitation agent, Georgeson Shareholder Communications Canada, Inc. ("Georgeson"), toll-free at 1-888-605-7641 or outside North America, collect at 781-575-2422 or by email at [e-mail].

How to Vote IN FAVOUR of the Petroamerica Arrangement with Petroamerica Oil Corp. Any Suroco shareholder that has already voted IN FAVOUR of the Petroamerica Arrangement need not take any action, as their votes will be counted. Any Suroco shareholder who has voted AGAINST the Petroamerica Arrangement is encouraged to change its vote and vote IN FAVOURof the Petroamerica Arrangement.

Registered shareholders of Suroco are requested to complete, date, sign and return ONLYthe MANAGEMENT FORM OF PROXYthat accompanied Suroco's Information Circular and Proxy Statement dated May 27, 2014 (the "Initial Circular") that has been sent to Suroco shareholders (a copy of which can also be found on Suroco's profile on SEDAR at www.sedar.comand which was filed on May 30, 2014). To be valid, that form of proxy must be signed and forwarded so as to reach, or be deposited with, Suroco's transfer agent, by one of the following ways:
1. By Internet at www.investorvote.com.
2. By Telephone - [phone] (toll free) or international direct dial [phone].
3. By fax to [phone].
4. By mail - Computershare Trust Company of Canada, 8th Floor, 100 University Avenue, Toronto, Ontario, M5J 2Y1, Attention: Proxy Department.
The deadline for voting is 10:00 a.m. (Mountain time) on June 23, 2014.

Non-registered shareholders (i.e. beneficial) should ONLY use the MANAGEMENT VOTING INSTRUCTION FORM to vote. Such holders should carefully follow the instructions in the voting instruction form. The deadline of 10:00 a.m. (Mountain time) on June 23, 2014 also applies to receipt of voting instructions.

If you have any questions that are not answered by the Directors' Circular or the Initial Circular, or would like additional information, you should contact your professional advisors. You can also contact Georgeson, the proxy solicitation and information agent engaged by Suroco, toll-free at 1- 888-605-7641 or outside North America, collect at 781-575-2422 or by email at [e-mail] you have any questions regarding voting of your Suroco Shares. How to revoke a vote against the Petroamerica Arrangement

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If you have previously voted against the Petroamerica Arrangement, you are permitted to change your vote pursuant to a later dated form of proxy or voting instruction form.

If you have previously voted using the blue form of proxy provided by Vetra, Suroco encourages you to submit a later dated MANAGEMENT FORM OF PROXY or MANAGEMENT VOTING INSTRUCTION FORM. We recommend you contact your broker or dealer, or contact Georgeson, the proxy solicitation and information agent retained by Suroco, if you have questions or require assistance to make such a submission.

Even if you have tendered your Suroco Shares to the Vetra Offer, you can still vote IN FAVOURof the

Petroamerica Arrangement.

How to REJECT the Vetra Offer and Withdraw Tendered Shares

To reject the Vetra Offer, you should do nothing. The Vetra Offer is open for acceptance until July 17,
2014. Suroco shareholders who have already tendered their shares to the Vetra Offer can withdraw them at any time before they have been taken up and accepted for payment by Vetra. Suroco Shareholders
holding Suroco Shares through a dealer, broker or other nominee should contact such dealer, broker or
nominee to withdraw their Suroco Shares. Shareholders may also contact the proxy solicitation and information agent retained by Suroco, Georgeson Shareholder Communications Canada, Inc., toll-free at
1-888-605-7641 or outside North America, collect at 781-575-2422 or via email at
[e-mail].

General

Suroco is 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.
For further information please contact Alastair Hill, President and Chief Executive Officer of the Corporation or Travis Doupe, VP Finance and Chief Financial Officer of the Corporation, or visit our website at www.suroco.com.
Telephone: [phone]
Facsimile: [phone]

Definitions

For the foregoing discussions in this press release, "barrels of oil equivalent" ("boe") is at a conversion rate of 6,000 cubic feet ("cf") of natural gas for one barrel of oil and is based on an energy equivalence conversion method. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of
6,000 cf: 1 barrel is based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead.

Forward-Looking Statements

Certain statements included in this press release constitute forward-looking statements under applicable securities legislation. These statements relate to future events or future performance of the Corporation and the combined company upon completion of the Petroamerica Arrangement. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. Forward-looking statements or information in this press release include, but

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are not limited to, the successful completion of the Petroamerica Arrangement, statements concerning the expected benefits of the Petroamerica Arrangement, expected operational results, expected cash flows, drilling and exploration plans, business strategy, plans and expected production and the anticipated timing thereof, of the combined company following the completion of the Petroamerica Arrangement, the long term value of the combined company 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, that the Petroamerica Arrangement will be completed in the manner currently contemplated, as to 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 and Petroamerica operates; and other factors, many of which are beyond the control of the Corporation and Petroamerica. You can find an additional discussion of those assumptions, risks and uncertainties in Suroco's and Petroamerica'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, 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. New factors emerge from time to time, and it is not possible for management of the Corporation to predict all of these factors and to assess in advance the impact of each such factor on the Corporation's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement or information. The forward-looking statements contained herein are expressly qualified by this cautionary statement. Moreover, neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Petroamerica Arrangement or Vetra Offer and has neither approved nor disapproved the contents of this press release.

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

(Not for dissemination in the United States of America)