CALGARY, Oct. 22 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG)
Sterling Resources Ltd. (Sterling) is pleased to announce that it has
reached agreement on the farm-out of offshore acreage in both Romania and the
Sterling has reached agreement with Gas Plus International B.V. (Gas
Plus) with respect to a farm-out of a 15-percent working interest share in the
Midia and Pelican Blocks offshore Romania. Completion is subject to approval
of the National Agency for Mineral Resources (NAMR) and will take effect in
2008, following ratification of the new concession agreement recently approved
To earn the working interest, which includes the Doina gas discovery, Gas
Plus will pay a lump sum and fund a promoted share of the Midia SE well.
Gas Plus is a wholly owned subsidiary of Gas Plus S.p.A., a group which
is active in exploration, production, distribution and sales of natural gas.
The majority of its assets are held in Italy, where the company operates 25
producing gas concessions and is the fourth largest producer of natural gas.
Gas Plus has recently extended its operations into other parts of Europe,
including the UK.
Sterling is also pleased to announce that it has signed multiple farm-out
agreements with Petro Ventures Ltd. (PV), a wholly owned subsidiary of Petro
Ventures International Limited (PVIL), an Australian registered company active
in international mining and oil and gas.
The three part agreements with PV involve them acquiring:
a) a 5-percent working interest in UK Blocks 42/12 and 42/13 containing
the Breagh prospect. The results from the Breagh well are still
unknown but funding from the PV entry will cover a significant
portion of Sterling's testing costs if the well is tested;
b) a 15 to 20-percent working interest in the other UK Quad 42
exploration blocks which surround Breagh; and
c) a 20-percent interest in the Midia and Pelican Blocks offshore
In total the agreements, which in certain cases remain subject to partner
and government approvals, involve PV funding a promoted share for the cost of
drilling five offshore wells, including three offshore UK and two offshore
Following completion of these arrangements, Sterling will retain a
65-percent interest in the Midia and Pelican Blocks offshore Romania and a
45-percent interest in Blocks 42/12 and 42/13 in the UK North Sea.
Stewart Gibson, CEO commented "these arrangements are in line with our
Corporate strategy and will allow Sterling to continue its active exploration
program in 2008."
This disclosure contains certain forward-looking statements that involve
substantial known and unknown risks and uncertainties, certain of which are
beyond Sterling's control, including: the impact of general economic
conditions in the areas in which Sterling operates, civil unrest, industry
conditions, changes in laws and regulations including the adoption of new
environmental laws and regulations and changes in how they are interpreted and
enforced, increased competition, the lack of availability of qualified
personnel or management, fluctuations in commodity prices, foreign exchange or
interest rates, stock market volatility and obtaining required approvals of
regulatory authorities. In addition there are risks and uncertainties
associated with oil and gas operations, therefore Sterling's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements. All statements included in this
press release that address activities, events or developments that Sterling
expects, believes or anticipates will or may occur in the future are
forward-looking statements. These statements include future production rates,
completion and production timetables and costs to complete wells, and
production facilities. These statements are based on assumptions made by
Sterling based on its experience perception of historical trends, current
conditions, expected future developments and other factors it believes are
appropriate in the circumstances.
Sterling Resources Ltd. is an international oil and gas company
headquartered in Calgary, Alberta.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Visit www.sterling-resources.com or contact
either Ken J. Croft, Investor Relations, Phone: (403) 215-9265, Fax: (403)
215-9279, email@example.com or Stewart G. Gibson, Chief Executive
Officer, Phone: 44-133082-6717, Mobile: 44-7768-042219,