Stratic Announces Court Approval of Proposed Plan of Arrangement with EnQuest PLC

CALGARY AND LONDON, Nov. 4 /CNW/ -- 
CALGARY AND LONDON, Nov. 4 /CNW/ - Stratic Energy Corporation (TSX
 Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces that
 the Supreme Court of Yukon has today granted a final order approving
 the previously announced plan of arrangement (the "Arrangement") with
 EnQuest PLC ("EnQuest") under the Business Corporations Act (Yukon). The Arrangement provides for the acquisition by EnQuest of all
 of the issued and outstanding Stratic shares in exchange for ordinary
 shares of EnQuest on the basis of 0.089626 of an EnQuest share for each
 Stratic share. Today's court order follows the approval of the
 Arrangement by the Company's shareholders at a special meeting held on
 November 2, 2010.


Having now received all necessary shareholder, court and other approvals
 the Arrangement is scheduled to be completed after close of markets on
 November 5, 2010. Upon completion the Company will become a
 wholly-owned subsidiary of EnQuest and all Stratic shareholders will be
 entitled to receive EnQuest shares in exchange for their Stratic shares
 based on the exchange ratio of 0.089626 of an EnQuest share for each
 Stratic share. Accordingly, the Company has taken steps to cause the
 Stratic shares to be delisted from the TSX Venture Exchange and their
 admission to trading on the Alternative Investment Market ("AIM") of
 the London Stock Exchange to be cancelled as soon as practicable
 following completion, which steps are anticipated to result in the
 Stratic shares ceasing to trade on either such market after the date of
 completion.


Details of the Arrangement and the business of EnQuest are contained in
 the Information Circular and Proxy Statement of Stratic dated September
 28, 2010. Copies of the Information Circular and Proxy Statement,
 together with the letter of transmittal by which registered
 shareholders of the Company may surrender the certificates representing
 their Stratic shares in exchange for the EnQuest shares issuable under
 the Arrangement, were posted to shareholders and are also available
 electronically on SEDAR at www.sedar.com and the Company's website at www.straticenergy.com.


Notes to Editors:


EnQuest (www.enquest.com) is an independent oil and gas production and development company
 focused on the UK Continental Shelf ("UKCS"). On 6 April 2010 EnQuest
 was formed from the demerged UK North Sea assets of Petrofac Limited
 and Lundin Petroleum AB. The EnQuest shares are listed on the London
 Stock Exchange and on the NASDAQ OMX Stockholm and are included in the
 FTSE250 and OMX Nordix index on the respective exchanges. EnQuest is
 completely unrelated to the company EnQuest Energy Services Corp.,
 which was formerly listed on the TSX Venture Exchange.


Reader Advisories:


Neither 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.


This news release does not constitute or form part of an offer to sell or
 the solicitation of an offer to buy, nor shall there be any sale of, securities to any person to whom or in
 any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered
 have not been and will not be registered under the United States Securities Act of 1933, as amended
 (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United
 States or to or for the account or benefit of a U.S. person unless registered under the U.S. Securities Act
 and applicable state securities laws or pursuant to an available exemption from, or in a transaction not
 subject to, the registration requirements thereof.


Certain statements made herein constitute forward-looking statements,
 including statements concerning the scheduled completion of the Arrangement and the anticipated
 delisting the Stratic shares from the TSX Venture Exchange and cancellation of their admission to trading on
 AIM. Although the Company believes these statements to be reasonable, the assumptions upon which
 they are based may prove to be incorrect.


Completion of the Arrangement is subject to a number of conditions
 precedent as more particularly described in the Information Circular and Proxy Statement of Stratic
 dated September 28, 2010. The Arrangement could be delayed if any condition to closing is not
 satisfied on expected timelines and may not be completed at all if any such condition cannot be satisfied. There
 can be no assurance that the Arrangement will be completed as proposed, or at all.




table valign="top" border="0"trtd valign="top" align="left"bCompany:/b/td td /td/tr trtd valign="top" align="left"Kevin Watts, President and Chief Executive Officer/td td+44 20 7766 7900/td/tr trtd valign="top" align="left"John van der Welle, Chief Financial Officer/td td+44 20 7766 7900/td/tr trtd valign="top" align="left"Mark Bilsland, Chief Operating Officer/td td+44 20 7766 7900/td/tr trtd /td/tr trtd valign="top" colspan="2" align="left"bPublic and investor relations:/b/td/tr trtd valign="top" align="left"Patrick d'Ancona, M:Communications (London)/td td+44 20 7920 2347/td/tr trtd valign="top" align="left"Roger Fullerton (Canada)/td td+1 952 929 7243/td/tr trtd valign="top" colspan="2" align="left"Email: a href="mailto:[e-mail]"[e-mail]/a/td/tr trtd /td/tr trtd valign="top" colspan="2" align="left"bFinancial advisor and NOMAD:/b/td/tr trtd valign="top" align="left"David Kotler, Lazard/td td+44 20 7187 2000/td/tr trtd valign="top" align="left"Nick Fowler, Lazard/td td+44 20 7187 2000/td/tr trtd valign="top" colspan="2" align="left"bWebsite:/ba href="http://www.straticenergy.com/"www.straticenergy.com/a/td/tr/table

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