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Suroco Energy Announces 2011 Year-End Reserves; Shares Plummet at Midday

Suroco Energy Inc. (SRN.V) was sharply lower at noon, drops 17% to 43 cents with more than 20,000 SRN shares changing hands.

Today, the company announced the results of the independent reserves report effective December 31, 2011.

Highlights:

- Total proved reserves of approximately 0.9 million barrels of oil (net after royalty), with a net present value (before tax and discounted at 10%) of approximately US$43.2 million.

- Total proved plus probable reserves of approximately 1.8 million barrels of oil (net after royalty), with a net present value (before tax and discounted at 10%) of approximately US$72.5 million.

- Total proved, probable and possible reserves of approximately 2.7 million barrels of oil (net after royalty), with a net present value (before tax and discounted at 10%) of US$118.6 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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