Stratic Energy Corporation will acquire the rights to three Syrian oil and gas exploration blocks from US-based Petrofac Resources International (PRI), forming a long-term alliance with the Corporation.
Stratic will acquire all rights held by Petrofac in respect of the oil and gas interests in Syria and Algeria for consideration consisting of one million dollars payable through the issuance of 7.272 million common shares at a deemed value per Stratic common share of $0.22 Canadian dollars.
Stratic has also entered into an agreement with Canaccord Capital Corporation to act as agent in connection with a proposed private placement financing of up to four million Canadian dollars.
The transaction with Petrofac brings the potential for additional major projects to Stratic including a highly prospective block in Algeria that adjoins the Algerian oil field of Hassi Messaoud and blocks in Syria that are located in the Palmyrid gas prone basin and the dominantly oil prone Euphrates basin that adjoins Iraq.
Petrofac is the investment, equity participation and asset management division of the Petrofac Group of companies operating in Europe, the Americas, the CIS and the Middle East. The Group provides solutions for oil and gas surface facilities for the production, processing and refining markets worldwide.
Stratic is a Canadian 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)
