Stratic and Petrofac announce strategic alliance in exploration opportunities in Syria and Algeria
Stratic Energy Corporation and Petrofac Resources International have completed the previously announced transaction with respect to a strategic alliance relating to certain oil and gas opportunities in the Syria and Algeria.
The transaction assigns Petrofac's rights under bids submitted for production sharing contracts to explore for, appraise, produce and develop hydrocarbon substances in Blocks X, XII and XVII onshore Syria. Furthermore, additional Petrofac rights under a bid submitted for a production sharing contract in Algeria relating to a highly prospective exploration block adjacent to the Hassi Mesaood oilfields have also been transferred to Stratic.
The transaction calls for the issuance to Petrofac of 7,272,727 common shares of Stratic at a deemed value of 0.22 Canadian dollars per share, in consideration for aforementioned rights. This represents approximately 24 percent of the issued and outstanding common shares of Stratic. Petrofac does not currently own or control any other securities of Stratic.
Stratic is a Calgary-based energy company engaged in the acquisition of interests in petroleum and natural gas rights and the exploration for, and the development, production and marketing of, petroleum and natural gas internationally. Stratic's principal petroleum and natural gas interests and activities are located in Cote d'Ivoire and Gabon, West Africa. — (menareport.com)
© 2002 Mena Report (www.menareport.com)