CALGARY and LONDON, Jan. 25 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces the signature of loan facility amendment agreements with its banking syndicate incorporating an additional line of credit. The amendments provide, inter alia, for the deferral of year-end 2009 scheduled debt repayments totaling approximately $25 million, until receipt of the proceeds of the previously announced sale of the Company's Italian business, expected around the end of the first quarter, 2010. In addition, the amendments provide an additional line of credit of approximately $10 million available for general corporate purposes, also to be repaid from the proceeds of the sale of the Italian business. At December 31, 2009 the Company had cash (excluding restricted cash) of approximately $6 million, and outstanding loans from its banks of $48 million.
Kevin Watts, Stratic's President and Chief Executive, commented: "The new banking arrangements provide us with increased near term flexibility to pursue our ongoing investment programme. These agreements represent further progress in our work over the last year as we look to take the business forward. We are therefore pleased to have finalized these agreements, which are in line with the bank discussions we reported as part of our third quarter 2009 results announced in November last year."
Notes to Editors:
About Stratic: Stratic Energy Corporation is a Canadian-incorporated international oil and gas business focused on adding value principally through the appraisal, development and production of existing discoveries, supplemented by a low to moderate risk exploration program. Stratic's principal interests are in the UK and Dutch sectors of the North Sea, Italy, Turkey and Syria. Its shares are listed on the TSX Venture Exchange in Toronto and on AIM, London and its principal operating office is in London, UK.
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, 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: email@example.com, Website: www.straticenergy.com