Stratic completes disposal of Breagh interest

About this update from Arrow Exploration Corp.

[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, Aug. 26 /CNW/ - Stratic Energy Corporation (TSX\nVenture: 'SE', AIM 'SE.') ("Stratic" or the "Company") is pleased to announce\nthat it has completed the disposal of its interest in the UKCS Breagh gas\ndiscovery and surrounding exploration acreage. Proceeds of approximately US$65\nmillion were received today and will be used primarily to pay down debt.\n\n\nKevin Watts, Chief Executive, commented: "the completion of the disposal\nof Breagh marks a significant milestone in the re-structuring of the Company's\nfinances. We are now working towards executing a sale and purchase agreement\nfor the disposal of our interest in Longanesi as the next stage in that\nprocess."\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of the contents of this\nrelease.\n\n\nAbout Stratic:\n\n\nStratic Energy Corporation is a Canadian-incorporated international oil\nand gas business with production, development and appraisal interests\nprimarily in the North Sea. Its shares are listed on the TSX Venture Exchange\nin Toronto and on AIM, London and its principal operating office is in London,\nUK.\n\n\nForward-looking statements\n\n\nThis news release contains certain forward looking statements, which\ninvolve assumptions with respect to future plans, production levels and\nresults, and capital expenditures. The reader is cautioned that all such\nforward looking statements involve substantial risks and uncertainties and the\nassumptions used in their preparation may not prove to be correct. Stratic's\nactual results could differ materially from those expressed in, or implied by,\nthese forward looking statements and accordingly, the forward looking\nstatements are qualified by reference to these cautionary statements. The\nforward looking statements contained herein are made as at the date of this\nnews release. Stratic undertakes no obligation to update or publicly revise\nforward looking statements or information unless so required by applicable\nsecurities laws.\n\n\nTSXV and AIM notifications\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of the contents of this\nrelease.\n\n\n","length":2384,"tagName":"div"}]

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