CALGARY, May 27 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") announces that the following matters were approved by the shareholders at the annual and special meeting held today in Calgary.
Shareholders elected Messrs. Raj Agrawal, Mike Azancot, Robert Carter, Walter DeBoni, Stewart Gibson, Teck Soon Kong and Graeme Phipps as directors of the Company.
Shareholders approved the Company's existing Stock Option Plan, reserving a maximum number of Common Shares issuable under the Stock Option Plan at 10% of the outstanding Common Shares from time to time, calculated on a non-diluted basis.
The annual and special meeting also marked a leadership transition at Sterling as Stewart Gibson formally retired as Chief Executive Officer (CEO) and Mike Azancot assumed the role of President and CEO. On behalf of the Board of Directors, shareholders and employees, Board Chair Walt DeBoni expressed thanks to Mr. Gibson for his significant contribution to Sterling and noted that Stewart will continue to serve on the Board and will also continue in an advisory role to Mr. Azancot.
"Stewart has made an invaluable contribution to the growth of Sterling during his tenure, transforming a small micro cap company into one of the most successful and active oil and gas exploration companies in both the UK North Sea and the Romanian Black Sea," stated Mr. DeBoni.
"We are delighted to have an individual of Mike's caliber joining Sterling in the role of President and CEO and we look forward to moving the development of the Company's attractive asset base forward under Mike's leadership," added Mr. DeBoni.
In addition to Mr. Azancot's appointment, Mr. DeBoni also announced the appointment of John Rapach to the position of Chief Operating Officer. John joined Sterling in the role of Vice President, Operations in 2005. Prior to this he was Technical Director of RDS, an integrated consultancy firm based in Aberdeen, Scotland and previous to that spent some 12 years in various international roles with ConocoPhillips. John holds a M.Sc. in Petroleum Engineering and a B.S. in Chemical Engineering both from the University of Pittsburgh.
"John has been and will continue to be instrumental in all aspects of our operations management," stated Mike Azancot, Sterling's newly appointed President and CEO. "His promotion to Chief Operating Officer is in recognition of his ability to play a leading role in our next phase of exploration and appraisal and, for the development of assets into the production phase," added Mr. Azancot.
Subsequent to the shareholders' approval of the Stock Option Plan, the Board of Directors made its annual stock option grants to officers, directors, employees and consultants of the Company and its subsidiary. Options were granted to acquire 2,530,000 common shares at an exercise price of $2.03 per share. The options are exercisable for up to a five-year term and vest over three years from the date of grant.
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania and France. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future.
These forward-looking statements involve numerous 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. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, 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. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.
Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.
Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this press release should not be used for purpose other than for which it is disclosed herein.
SOURCE Sterling Resources Ltd.
For further information: For further information: visit www.sterling-resources.com or contact: George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, firstname.lastname@example.org; Mike Azancot, President and Chief Executive Officer, Phone: 44-77404-32883, Fax: 44-13308-20670, email@example.com