Business
Stratic Energy Corporation - Completion of Sale of Turkish Business
Stratic Energy Corporation - Completion of Sale of Turkish Business
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\n May 12, 2010 (Canada NewsWire Group) -- Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces it has today completed the sale of its Turkish business, agreement for which was previously announced on May 7, 2010.\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 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.\n\nTSX-V and AIM notifications\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release...