Business
Stratic Energy Corporation - Annual Results and Reserves for 2009
Stratic Energy Corporation - Annual Results and Reserves for 2009
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\n Apr. 30, 2010 (Canada NewsWire Group) -- Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces its results for 2009. Full consolidated Financial Statements and accompanying Management's Discussion and Analysis (MD&A), and National Instrument 51-101 Statement of Reserves filing, can be accessed at www.sedar.com and on the Company's website www.straticenergy.com. All amounts below are US dollars, unless otherwise stated.\n\n\n >\n\n\nKevin Watts, Stratic's President and Chief Executive Officer, commented: "I am pleased that we have pulled through a very difficult period, which has seen a radical restructuring of Stratic's business in the light of the prevailing economic environment, to reduce debt levels and commitments to enable the company to pursue alternative growth options in the future. The next steps will involve rebuilding our portfolio with lower cost opportunities while continuing to press for performance improvements on West Don, and to advance the development of Crawford. Part or full disposals of these assets to balance forward capital expenditure, eliminate bank debt and demonstrate value are also under consideration."\n\nAbout Stratic: Stratic Energy Corporation is a Canadian incorporated international oil and gas business which is engaged in the appraisal, development and production of petroleum and natural gas discoveries, supplemented by an exploration program. As a result of the worldwide credit crisis, which has particularly affected the Company in view of the capital intensive nature of its strategy, Stratic has been involved in a major restructuring program over the last twelve months to reduce debt levels and create financial flexibility. In future the business will be focused on the North Sea for its cash flow generating ability (West Don) and near term development investment opportunity (Crawford), whereas its exploration effort will be increased and concentrated on lower cost areas and potential company changing opportunities. Stratic's shares are listed on the TSX Venture Exchange in Toronto and on AIM, London and its principal operating office is in London, UK.\n\nForward-looking statements\n\nThis news release contains certain forward looking statements, which involve assumptions with respect to future plans, production l...