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

CALGARY and LONDON, Nov. 2 /CNW/ -- 
CALGARY and LONDON , Nov. 2 /CNW/ - Stratic Energy Corporation (TSX
 Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces that,
 at a special meeting held today, the Company's shareholders approved
 the previously announced plan of arrangement (the "Arrangement") with
 EnQuest PLC ("EnQuest") under the Business Corporations Act (Yukon) pursuant to which EnQuest proposes to acquire all of the issued
 and outstanding Stratic shares on the basis of 0.089626 of an EnQuest
 share for each Stratic share. Of the total number of votes cast at the
 Meeting, 99.8% were voted in favour of the special resolution approving
 the Arrangement.


The Company intends to apply to the Supreme Court of Yukon 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. If the Arrangement becomes effective 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.


Details of the Arrangement, including the conditions precedent to its
 completion, 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 anticipated dates for applying to
 the Supreme Court of Yukon for a final order approving the Arrangement
 and for completing the Arrangement. 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.


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table border="0" valign="top"trtdbCompany:/b/td/tr trtdKevin Watts, President and Chief Executive Officerbr/ John van der Welle, Chief Financial Officerbr/ Mark Bilsland, Chief Operating Officer/td td+44 20 7766 7900br/ [phone]br/ [phone]/td/tr trtd /td td /td/tr trtdbPublic and investor relations:/b/td/tr trtdPatrick d'Ancona, M:Communications (London)br/ Roger Fullerton (Canada)br/ Email: a href="mailto:[e-mail]"[e-mail]/a/td td+44 20 7920 2347br/ [phone]/td/tr trtd /td td /td/tr trtdbFinancial advisor and NOMAD:/bbr/ David Kotler, Lazardbr/ Nick Fowler, Lazard/td td+44 20 7187 2000br/ [phone]/td/tr trtd /td td /td/tr trtdbWebsite:/ba href="http://www.straticenergy.com/"www.straticenergy.com/a/td/tr/table

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