2010-01-14-2009-11-05

To acquire Stratic's Italian portfolio, including WI in Longesnesi Field.

Enel Trade SpA, a subsidiary of Enel SpA, Rome, (Milan: ENEL) plans to acquire all of the Italian assets of Stratic Energy Corp., London, (Toronto Venture, London AIM: SE) for $50.9 million in cash. The deal includes Stratic's interest in the Longanesi gas field and other exploration acreage in the country. Enel Trade will assume debt from the assets. Stratic will receive an additional $9.8 million if first production takes place before the end of 2011, reducing pro-rate by month with no payment due if production fails to begin before the end of 2012. The deal is expected to close in the first quarter of 2010. Stratic president and chief executive Kevin Watts says, "We are delighted to announce the successful sale of our Italian business. When the Italian business sale completes, our disposals will have generated gross cash receipts totaling over $110 million." Lazard & Co. is advisor to Stratic.