Stratic Energy Corporation - First Quarter 2009 Results

    CALGARY and LONDON, May 29 /CNW/ - Stratic Energy Corporation (TSX
Venture: `SE', AIM `SE.') ("Stratic" or the "Company") has today filed its
interim financial statements and accompanying Management's Discussion and
Analysis for the quarter ended March 31, 2009. This filing can be accessed at and on the Company's website


    West Don Development

    -   First West Don production commenced on April 28, 2009; first well has
        produced at gross rates of up to 20,000 bopd - currently choked back
        to 10,000 bopd in planned program to gather operational data

    -   Water injector well drilled; second producer well to complete
        development currently being drilled and scheduled to be brought on
        stream in July 2009

    -   Production expected to build to gross peak of 25,000 bopd (4,300 bopd
        net Stratic) in third quarter 2009

    -   Project 93% complete as at end April; remaining capex on completion
        of drilling and tie-in to Brent export system Appraisal and Pre-
        Development Assets

    -   Breagh appraisal drilling completed successfully - work continues
        towards Field Development Plan submission

    -   Bowmore well due to spud in June 2009

    Disposal Program

    -   Advancing discussions with bidders as part of the disposal program
        announced previously (involving some or all of the Company's
        interests in Italy and Turkey and the Breagh gas discovery in the UK)
        to raise capital from the portfolio for reinvestment and to reduce
        debt levels

    Financial (all amounts in US dollars)

    -   Gas sales revenues in Turkey of $1.4 million in Q1 (2008: $1.2
        million) with production in the quarter of 129.4 mmscf (2008: 126.9

    -   Net loss for quarter of $6.8 million (2008: $5.1 million)

    -   Capital expenditure for the quarter of $16.3 million (2008: $6.7
        million), mainly on West Don

    -   Cash and cash equivalents (including restricted cash) of $14.4
        million (2008: $5.5 million) at quarter end; bank debt and
        convertible notes totaling $127.9 million (2008: $36.1 million) at
        quarter end.

    Kevin Watts, Stratic's President and Chief Executive Officer, commented:
"We continue to work on our two key objectives: first, to conclude our
disposals program to strengthen our balance sheet and second, to finalise the
amendments to our banking arrangements to defer debt repayments and provide
additional liquidity over the next few months. Operationally, we look forward
to spudding wells on the North Sea Bowmore discovery in June and on our Syrian
acreage in the second half of the year, and to the increased flexibility that
West Don production and the recent improvement in oil prices should provide
over the balance of this year."

    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 programme. 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.

    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

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents of this

    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).

For further information:

For further information: 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 7153 1547; Canadian Investor
Relations, Roger Fullerton, (952) 929-7243, Email:, Website:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890