/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, April 24 /CNW/ - Stratic Energy Corporation ("Stratic")
announces that it has completed its previously announced acquisition of Grove
Energy Limited ("Grove"). Trading in Grove common shares has been halted
pending de-listing, and Stratic intends to apply to have Grove cease to be a
reporting issuer in all jurisdictions of Canada. Stratic has issued a total of
85,445,344 voting common shares to shareholders of Grove in connection with
Concurrent with closing of the acquisition, the 23,018,520 subscription
receipts issued by Stratic on March 6, 2007 at a price of $1.35 each were
converted into 23,018,520 common shares of Stratic and the proceeds from this
issuance were released from escrow. The proceeds of subscription receipt and
common share financing of $56,075,004 will be used to fund the continued
exploration and development of the company's oil and natural gas properties
and for acquisitions and general working capital purposes. In accordance with
applicable securities legislation and stock exchange policies, the common
shares issued upon conversion of the Subscription Receipts are subject to a
four-month hold period that expires on July 7, 2007. The underwriting
syndicate was led by GMP Securities L.P. and included Tristone Capital Inc.,
Dundee Securities Corporation, Westwind Partners Inc. and Toll Cross
Securities Inc. The commission paid to the underwriting syndicate was 6% of
the gross proceeds.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
subscription receipts and the common shares will not be and have not been
registered under the United States Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements.
Stratic is listed on the TSX Venture Exchange under the symbol "SE". More
information about Stratic may be found at the Company's website
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
Notes for editors:
Following completion of its acquisition of Grove Energy, Stratic's
business is now grouped into three geographical areas which are considered key
to the company's future growth:
The North Sea
Stratic holds interests in six discoveries: Bowmore, Breagh, Cairngorm,
Crawford and West Don in the UK sector, and Horizon West in the Dutch sector.
An active appraisal/development programme is planned on these discoveries over
the next two years, with the most advanced discovery, West Don, expected to
receive its development sanction during 2007.
Stratic's key asset in Italy is the Longanessi/Abbadesse gas discovery
located in the Po Valley in the north of the country. This important
discovery, which is located partly in Grove's San Marco permit, is currently
the subject of unitisation negotiations with ENI to determine equity ownership
of the field. These negotiations must be completed before a development plan
for the field can be submitted to the relevant licensing authorities and
development work commence. Stratic also has rights, through a farm-in
agreement, to the two blocks to the north and south of the San Marco permit.
We expect to conduct an exploratory drilling campaign late in 2007 and into
2008, potentially over all three blocks, to determine whether further gas
bearing structures similar in nature to the existing discovery exist.
Stratic's 12.25% interest in eight contiguous blocks in the Black Sea
remains important to the company's future. Production from the first phase of
discoveries (Ayazli, East Ayazli and Akkaya) will contribute to cash flow in
2007 and we hope to be able to bring on stream two further discoveries,
Bayhanli and Alapli, by the end of the year. Development planning work on the
second phase of discoveries (Akcakoca, Akcakoca East and Guluc) is underway to
determine the optimum development scheme and forward schedule. We hope to be
able to test further exploration prospectivity in the areas to the east and
west of the current discoveries during the course of 2007.
Stratic also owns interests in acreage in Morocco, Romania, Slovenia,
Syria and Tunisia. In the most important of these areas, Syria, we are
conducting an extensive 2D seismic survey over a large onshore block some
150 kms east of Damascus. This block, which is located near to a number of
significant gas discoveries, is considered to be highly prospective and is
likely to be the subject of a drilling campaign in 2008.
Stratic is well placed with $56 million of new equity finance to execute
the development of the projects in its portfolio.
For further information:
For further information: Kevin Watts, Chief Executive Officer, +44 207
016 6421; Mark Bilsland, Chief Financial Officer, +44 207 016 6423; Roger
Fullerton, Manager, Investor Relations, (952) 929-7243, Website:
www.straticenergy.com, Email: email@example.com, TSX-V: SE