Stratic Energy Corporation has completed its previously announced acquisition of Grove Energy Limited ("Grove"). Trading in Grove common shares has been halted pending de-listing, and Stratic intends to apply to have Grove cease to be a reporting issuer in all jurisdictions of Canada.

Stratic has issued a total of 85,445,344 voting common shares to shareholders of Grove in connection with the acquisition.

Concurrent with closing of the acquisition, the 23,018,520 subscription receipts issued by Stratic on March 6, 2007 at a price of $1.35 each were converted into 23,018,520 common shares of Stratic and the proceeds from this issuance were released from escrow.

The proceeds of subscription receipt and common share financing of $56,075,004 will be used to fund the continued exploration and development of the company's oil and natural gas properties and for acquisitions and general working capital purposes.

In accordance with applicable securities legislation and stock exchange policies, the common shares issued upon conversion of the Subscription Receipts are subject to a four-month hold period that expires on July 7, 2007.

The underwriting syndicate was led by GMP Securities L.P. and included Tristone Capital Inc., Dundee Securities Corporation, Westwind Partners Inc. and Toll Cross Securities Inc. The commission paid to the underwriting syndicate was 6% of the gross proceeds.