Stratic Announces Filing of Information Circular for Proposed Plan of Arrangement with EnQuest PLC

CALGARY AND  LONDON, Oct 1 /CNW/ -- 
      CALGARY AND  LONDON, Oct 1 /CNW/ - Stratic Energy Corporation (TSX
      Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces that
      it has filed its information circular and proxy statement (the
      "Circular") for the upcoming special meeting at which the Company's
      shareholders will be asked to consider and vote upon the
      previously-announced plan of arrangement (the "Arrangement") with
      EnQuest PLC ("EnQuest") under the Business Corporations Act
      (Yukon) (the "YBCA").  Pursuant to the Arrangement, EnQuest proposes to
      acquire all of the issued and outstanding Stratic shares in exchange for
      EnQuest shares on the basis of 0.089626 of an EnQuest share for each
      Stratic share.
    

      The special meeting is scheduled to be held at 10:00 a.m. (Toronto time)
      on November 2, 2010 at the Toronto Marriott Bloor Yorkville Hotel in
      Toronto, Ontario, Canada.  Further details are set forth in the notice
      of meeting that is included with the Circular.
    

      The Company has commenced mailing copies of the Circular and related
      documents to its shareholders.  Copies of the Circular, together with
      the accompanying instrument of proxy for use at the special meeting and
      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, are also
      available electronically on SEDAR at www.sedar.com
      and the Company's website at www.straticenergy.com.
    

      The Circular contains details concerning the Arrangement, the
      requirements for the Arrangement to become effective, the procedure for
      exchanging Stratic shares for EnQuest shares, voting at the special
      meeting and other related matters, together with detailed information
      concerning EnQuest and its business and affairs.  Shareholders are urged
      to carefully review the Circular and accompanying materials as they
      contain important information regarding the Arrangement and its
      consequences to shareholders.
    

      In order to proceed the Arrangement must be approved by a majority of
      not less than 66⅔% of votes cast by shareholders in person or by proxy
      at the special meeting and, if so endorsed, must also be approved by the
      Supreme Court of Yukon (the "Court") pursuant to the arrangement
      provisions of the YBCA.  An interim order of the Court providing
      directions on various matters relating to the special meeting and the
      Arrangement, particulars of which are contained in the Circular, was
      issued on September 28, 2010.
    

      Stratic shareholders of record as of the close of business on September
      24, 2010 are the only persons entitled to vote on the special resolution
      to approve the Arrangement, subject to the Company's by-laws and the
      provisions of the YBCA regarding the exercise of voting rights by
      persons who become registered holders of Stratic shares after such
      record date.
    

      Completion of the Arrangement is subject to certain additional
      conditions precedent as provided for under the definitive arrangement
      agreement between Stratic and EnQuest entered into on August 2, 2010 and
      described in the Circular, including the agreement by the holders of the
      Company's outstanding 9% convertible notes to accept the repayment offer
      required to be made by Stratic following completion of the Arrangement. 
      All such holders have entered into agreements with Stratic and EnQuest
      by which they have committed to accept the post-closing repayment offer
      and, accordingly, this particular condition has now been satisfied.
    

      If the Arrangement is approved by the shareholders on November 2, 2010
      at the meeting, Stratic intends to apply to the Court for a final order
      approving the Arrangement at a hearing scheduled for November 4, 2010. 
      If the final order is granted and all other conditions precedent are
      satisfied or waived at such time, the Company expects that the
      Arrangement will be completed and become binding upon all shareholders
      on or about November 5, 2010.
    

      Should the Arrangement be approved by the Stratic shareholders and
      become effective, Stratic will become a wholly-owned subsidiary of
      EnQuest. Accordingly, as soon as practicable following completion of the
      Arrangement, the Stratic Shares will be de-listed from the TSX Venture
      Exchange. In addition, Stratic has applied to the London Stock Exchange
      for the admission to trading of Stratic shares on AIM to be cancelled
      following completion of the Arrangement. If the Arrangement completes on
      November 5, 2010 as expected, such cancellation is expected to take
      effect on November 8, 2010.
    

      Notes to Editors:
    

      EnQuest is an independent oil and gas production and development company
      focused on the UK Continental Shelf ("UKCS").  On April 6, 2010 EnQuest
      was formed from the demerged UK North Sea assets of Petrofac Limited and
      Lundin Petroleum AB. EnQuest shares are listed on the London Stock
      Exchange and on the NASDAQ OMX Stockholm and are included in the FTSE250
      index 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 anticipated dates for holding the
      special meeting of Stratic shareholders to consider the Arrangement, for
      applying to the Court for a final order approving the Arrangement, for
      completing the Arrangement and for the delisting of the Stratic shares
      from the TSX Venture Exchange and the 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,
      including shareholder, court and regulatory approvals and consents. The
      Arrangement could be delayed if the Company is not able to obtain all
      necessary approvals and consents on expected timelines, or not completed
      at all if any condition to closing is not satisfied.  There can be no
      assurance that the Arrangement will be completed as proposed, or at all.
    



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

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