News Column

Suroco Reminds Shareholders of ISS Support

June 18, 2014

ENP Newswire - 18 June 2014

Release date- 17062014 - Suroco Energy Inc. (TSX Venture Exchange: SRN) reminds its shareholders that ISS Proxy Advisory Services has published a report recommending their clients vote IN FAVOUR of the previously announced arrangement transaction with Petroamerica Oil Corp. and that the recently announced hostile bid by Vetra Holding S.a.r.l. does not appear compelling enough to warrant a change in its voting recommendation.

In its June 9, 2014 report, ISS concluded that the proposed arrangement transaction between Suroco and Petroamerica makes strategic sense as Petroamerica is a much larger and well established player in the same segment and further concluded that in light of the significant implied premium, the favourable market reaction, and absence of significant governance concerns, approval by Suroco shareholders of the arrangement with Petroamerica is warranted.

After consideration of the Vetra Offer, ISS issued an alert dated June 10, 2014, wherein it confirmed no change in its voting recommendation IN FAVOUR of the arrangement transaction with Petroamerica is warranted.

ISS is a leading independent corporate governance analysis and proxy advisory firm whose recommendations assist its clients in making choices regarding proxy voting and transaction decisions.

Suroco 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.


Alastair Hill

Tel: (403) 232-6784

Fax: (403) 232-6747

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Source: ENP Newswire

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