CALGARY and LONDON, Aug. 26 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") is pleased to announce that it has completed the disposal of its interest in the UKCS Breagh gas discovery and surrounding exploration acreage. Proceeds of approximately US$65 million were received today and will be used primarily to pay down debt.
Kevin Watts, Chief Executive, commented: "the completion of the disposal of Breagh marks a significant milestone in the re-structuring of the Company's finances. We are now working towards executing a sale and purchase agreement for the disposal of our interest in Longanesi as the next stage in that process."
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About Stratic:
Stratic Energy Corporation is a Canadian-incorporated international oil and gas business with production, development and appraisal interests primarily in the North Sea. 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.
TSXV 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 release.