CALGARY and LONDON, April 20 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') is pleased to announce that the transaction to sell its Italian business to Enel Trade SpA ('Enel'), previously announced on November 5, 2009, was completed today, April 20, 2010.
The sale to Enel involves Stratic's entire portfolio of assets in Italy, including its interest in the Longanesi gas field and other exploration acreage in the country, for a cash consideration of (euro)33.0 million paid on completion and the assumption of existing obligations relating to the assets. Stratic is entitled to receive a further payment of (euro)6.6 million provided the commencement of first production takes place before the end of 2011, reducing pro-rata by month, with no payment due if production commences after the end of 2012.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.
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, Finance Director, +44 20 7766 7900; Patrick d'Ancona, M: Communications, +44 20 7920 2347; Canadian Investor Relations, Roger Fullerton, (952) 929-7243, Email: firstname.lastname@example.org; Website: www.straticenergy.com