Suroco Energy Inc. Reaffirms Recommendation for Business Combination With Petroamerica and Updates Shareholders on Coercive Tactics of Vetra - Seite 2

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.

Directors' Circular

The Board of Directors' unanimous recommendation to Suroco shareholders that they REJECT the Vetra Offer and instead vote their Suroco Shares IN FAVOUR of 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.com and 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 FAVOUR of the Petroamerica Arrangement.