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Suroco Energy Appoints Marcel Apeloig as New Director

Source: www.gulfoilandgas.com 8/15/2012, Location: North America

Suroco Energy Inc. is pleased to announce that at its annual and special meeting of shareholders held, a new director, Marcel Apeloig, was appointed to the board of directors of Suroco, subject to the approval of the TSX Venture Exchange. Mr. Apeloig has over 30 years of experience in the finance and capital markets industries. Mr. Apeloig is currently Managing Director of Activalores Casa De Bolsa, a leading Venezuelan brokerage house that he joined in 1991. Prior to that time, Mr. Apeloig worked for 10 years with Citibank Venezuela as Vice-President of the Corporate Banking Group and member of the Executive Committee. He was a director of the Caracas Stock Exchange from 2003 to 2011. Mr. Apeloig holds a Master’s Degree (1981) from Stanford University in Industrial Engineering.

The Corporation also announces that Mr. Harry Dobson and Mr. Brian Hinchcliffe, who have both acted as directors of the Corporation since 2006, have regrettably both decided not to stand again for appointment as directors of the Corporation.

Mr. Alastair Hill, President and Chief Executive Officer commented, “Harry Dobson and Brian Hinchcliffe have been directors since the inception of Suroco and were instrumental in the early stages of Suroco’s growth, helping to advise and guide us through our first transaction whereby we established Suroco’s core assets in Colombia which today account for all of our current oil production. On behalf of the existing board of directors and shareholders I would like to thank them personally for their counsel and guidance to the current management team and their time and effort on behalf of shareholders of the Corporation. Lastly, I am pleased to announce that Marcel Apeloig has joined the board. Marcel’s finance and capital markets experience and expertise in Latin America will be very helpful as we seek to increase our exposure to this marketplace”.

The Board of Directors of the Corporation is now comprised of six individuals, those individuals being Daryl Gilbert, Alastair Hill, Juan Szabo, Robert R. Hobbs, Dennis Balderston and Marcel Apeloig.

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