Stratic Announces Closing of Plan of Arrangement with EnQuest PLC

CALGARY AND LONDON, Nov. 8 /CNW/ -Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces closing of the previously announced plan of arrangement (the "Arrangement") with EnQuest PLC (LSE: ENQ and NASDAQ OMX Stockholm: ENQ) ("EnQuest") under the Business Corporations Act (Yukon), which was completed and became effective after close of markets on Friday, November 5 and resulted in EnQuest acquiring 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.

Upon the Arrangement becoming effective all of the issued and outstanding Stratic shares were transferred to EnQuest and the Company became a wholly-owned subsidiary of EnQuest.  All Stratic shareholders immediately prior to the effective time of the Arrangement are entitled to receive EnQuest shares in exchange for their Stratic shares based on the above exchange ratio.

Further trading in Stratic shares will be halted on the TSX Venture Exchange pending formal delisting, and the admission to trading of Stratic shares on the Alternative Investment Market of the London Stock Exchange will be cancelled effective November 8, 2010.  The EnQuest shares issued under the Arrangement are expected to be admitted to trading on the London Stock Exchange effective November 8, 2010 and as a consequence also tradeable on the NASDAQ OMX Stockholm.

The Company's board of directors and management team has been reconstituted with nominees of EnQuest.

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.

Interested parties are also referred to today's announcement by EnQuest regarding completion of the Arrangement.

Bennett Jones LLP acted as legal counsel to Stratic and Blake, Cassels & Graydon LLP acted as legal counsel to EnQuest.

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.

For further information:

Stratic c/o EnQuest PLC Tel: [phone]

Amjad Bseisu (Chief Executive Officer)
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor Relations)

Finsbury Tel: [phone]

Andrew Mitchell
Conor McClafferty

Lazard & Co., Limited (NOMAD) Tel: [phone]

David Kotler
Nick Fowler

Website: www.straticenergy.comandwww.enquest.com