Stratic to Drill Offshore Turkey this Summer

Ayazli-1 Location, Black Sea, Turkey
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Stratic Energy will drill a consecutive three-well appraisal program on its Black Sea acreage, offshore Turkey, with partners Toreador Resources Corporation and the Turkish state oil company, TPAO, commencing in mid-April of 2005. Drilling locations have been selected using the recently acquired 190 square kilometer 3D seismic survey following the drilling of the Ayazli-1 gas discovery well last summer.

If successful, the wells will be completed and suspended as future production wells. Furthermore, the partners will have an option to drill up to five additional wells utilizing the same drilling rig. A phased development of the gas reserves in the area is envisaged with production commencing into the local and industrial market as early as 2006. Stratic has a 12.25% working interest in the project.

The Company will provide progress reports on the prospective block in Syria, its holdings in the U.K. North Sea, the two blocks offshore Côte d'Ivoire and the two onshore blocks in Morocco in due course and as warranted.


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