Suroco Energy Inc. ("Suroco" or the "Corporation")announced that it has entered into an amendment (the "First Amendment") to the senior secured credit facility (the "Credit Agreement") that it entered into on March 15, 2013 with Macquarie Bank Limited ("Macquarie"), wherein an additional US$10 million in committed funds has been made available to the Corporation.

The Corporation entered into the Credit Agreement to obtain a US$21 million senior secured credit facility with the potential to increase such credit facility to US$100 million upon compliance by the Corporation with certain conditions and at the discretion of Macquarie.

The First Amendment provides an additional US$10 million tranche to the Corporation that is available for drawdown for a period of twelve (12) months. This tranche will bear interest at a rate of LIBOR plus eight percent (8%). Terms of repayment for any advance under this tranche will be as follows:

• On the date that is fifteen (15) months after the first advance under this tranche, in the event there is more than US$5,000,000 in total outstanding under this tranche, the Corporation will pay the amount that will reduce the aggregate amount outstanding under this tranche to US$5,000,000; and
• The remaining amounts outstanding under this tranche will be repaid in four equal quarterly installments beginning March 31, 2016.

This tranche of the credit facility will be used to further develop the Corporation's interests in the Suroriente Block and its other assets in the Putumayo Basin in Colombia, as well as for general working capital purposes.

Also, in consideration for entering into the First Amendment, the Corporation will issue non-transferable common share purchase warrants to Macquarie (the "Warrants") entitling Macquarie to purchase up to 1,000,000 common shares of the Corporation at a price of $0.385 per share until January 30, 2018, subject to reduction or cancellation in accordance with Policy 5.1 - Loans, Bonuses, Finder's Fees and Commissions of the TSX Venture Exchange. The issuance of the Warrants is subject to the approval of the TSX Venture Exchange.

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.