Sale of Turkish Business
07 Mai 2010 - 5:48PM
UK Regulatory
TIDMSE.
RNS Number : 5761L
Stratic Energy Corporation
07 May 2010
NEWS RELEASE
Sale of Turkish Business
CALGARY and LONDON, May 7, 2010 - Stratic Energy Corporation (TSX Venture: 'SE',
AIM 'SE.') ("Stratic" or the "Company") announces it has reached agreement for
the sale of its Turkish business.
Stratic has today signed a sale and purchase agreement in respect of its Turkish
subsidiary Stratic Energy (Turkey) Inc. ('SETI'). The purchasers are primarily a
group of local Turkish companies. The total cash received from the deal will be
$3.45 million, of which $2.40 million has already been paid to Stratic by SETI
during the current year, $0.55 million is payable on completion and $0.50
million is due in December 2010. The purchasers will acquire all the assets and
liabilities of SETI on completion, which is expected in mid May 2010.
Kevin Watts, Stratic's President and Chief Executive Officer, commented: "The
sale of our Turkish business is a further step in our restructuring program and
provides us with a clean exit from the region. In addition, it frees up capital
of nearly $20 million for investment in higher return activities elsewhere in
Stratic's business that would otherwise have been spent on the next phase of
development in Turkey".
For further information contact:
Kevin Watts, Chief Executive Officer
+44 20 7766 7900
John van der Welle, Chief Financial Officer
+44 20 7766 7900
Mark Bilsland, Chief Operating Officer
+44 20 7766 7900
Patrick d'Ancona, M:Communications
+44 20 7920 2347
Canadian Investor Relations
Roger Fullerton
+1 952 929 7243
Email: roger.fullerton@straticenergy.com
Website: www.straticenergy.com
About Stratic: Stratic Energy Corporation is a Canadian incorporated
international oil and gas business which is engaged in the appraisal,
development and production of petroleum and natural gas discoveries,
supplemented by an exploration program. As a result of the worldwide credit
crisis, which has particularly affected the Company in view of the capital
intensive nature of its strategy, Stratic has been involved in a major
restructuring program over the last twelve months to reduce debt levels and
create financial flexibility. In future the business will be focused on the
North Sea for its cash flow generating ability (West Don) and near term
development investment opportunity (Crawford), whereas its exploration effort
will be increased and concentrated on lower cost areas and potential company
changing opportunities. Stratic's shares are listed on the TSX Venture Exchange
in Toronto and on AIM, London and its principal operating office is in London,
UK.
Forward-looking statements
This news release contains certain forward looking statements, which involve
assumptions with respect to future plans, production levels and results, and
capital expenditures. The reader is cautioned that all such forward looking
statements involve substantial risks and uncertainties and the assumptions used
in their preparation may not prove to be correct. Stratic's actual results could
differ materially from those expressed in, or implied by, these forward looking
statements and accordingly, the forward looking statements are qualified by
reference to these cautionary statements. The forward looking statements
contained herein are made as at the date of this news release. Stratic
undertakes no obligation to update or publicly revise forward looking statements
or information unless so required by applicable securities laws.
TSX-V and AIM notifications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Stratic's Chief Operating Officer, Dr Mark Bilsland BSc (geology), PhD
(petroleum petrophysics), and member of the SPE, is the qualified person who has
reviewed and approved the technical information in this announcement for the
purposes of the AIM Rules for Companies (incorporating the Guidance Note for
Mining, Oil and Gas Companies).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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