Amendments to Bank Facility


 

TIDMSE. 
 
RNS Number : 0284G 
Stratic Energy Corporation 
25 January 2010 
 

 
 
NEWS RELEASE 
 
 
Amendments to Bank Facility and Additional Line of Credit 
 
 
CALGARY and LONDON, January 25, 2010 - Stratic Energy Corporation (TSX Venture: 
'SE', AIM: 'SE.') ("Stratic" or the "Company") announces the signature of loan 
facility amendment agreements with its banking syndicate incorporating an 
additional line of credit. The amendments provide, inter alia, for the deferral 
of year-end 2009 scheduled debt repayments totaling approximately $25 million, 
until receipt of the proceeds of the previously announced sale of the Company's 
Italian business, expected around the end of the first quarter, 2010. In 
addition, the amendments provide an additional line of credit of approximately 
$10 million available for general corporate purposes, also to be repaid from the 
proceeds of the sale of the Italian business. At December 31, 2009 the Company 
had cash (excluding restricted cash) of approximately $6 million, and 
outstanding loans from its banks of $48 million. 
 
 
Kevin Watts, Stratic's President and Chief Executive, commented: "The new 
banking arrangements provide us with increased near term flexibility to pursue 
our ongoing investment programme. These agreements represent further progress in 
our work over the last year as we look to take the business forward. We are 
therefore pleased to have finalized these agreements, which are in line with the 
bank discussions we reported as part of our third quarter 2009 results announced 
in November last year." 
 
 
 
 
Notes to Editors: 
 
 
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 program. 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. 
 
 
TSX-V notification 
 
 
The TSX Venture Exchange has not reviewed and does not accept responsibility for 
the adequacy or accuracy of the contents of this release. 
 
 
 
 
For further information contact: 
 
 
Kevin Watts, President and Chief Executive Officer    +44 20 7766 7900 
 
 
John van der Welle, Chief Financial Officer +44 20 7766 7900 
 
 
Patrick d'Ancona, M: Communications                     +44 20 7153 1547 
 
 
Canadian Investor Relations 
Roger Fullerton                                           +1 952 929 7243 
Email: roger.fullerton@straticenergy.com 
 
 
Website: www.straticenergy.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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