CALGARY and LONDON, Feb. 25 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces that it has received approval from Italy's Ministry of Economic Development under Ministerial Decree dated February 22, 2010 for the first leg of its previously announced transaction to sell its Italian business to Enel Trade Spa ("Enel"). This leg of the transaction involved reorganising Stratic's Italian business into a single Italian company in preparation for the final stage of the transaction, which involves the sale of a subsidiary of that company to Enel. The final stage of the transaction, which is subject to further approval by Italy's Ministry of Economic Development, is now underway and expected to complete around the end of March 2010.
Kevin Watts, Stratic's Chief Executive, commented: "This is an important milestone in the regulatory approval process for the transaction, which remains on track for completion around the end of the first quarter."
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents 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).
SOURCE STRATIC ENERGY CORPORATION
For further information: For further information: Kevin Watts, President and Chief Executive Officer, +44 20 7766 7900; John van der Welle, Chief Financial Officer, +44 20 7766 7900; Patrick d'Ancona, M: Communications, +44 20 7153 1547; Canadian Investor Relations: Roger Fullerton, (952) 929-7243, Email: firstname.lastname@example.org, Website: www.straticenergy.com