Sterling provides update on rig timing

    CALGARY, July 16 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG)

    Offshore Romania, Sterling is pleased to announce that it has received
notification from Grup Servicii Petroliere S.A (GSP), the owner of the
Prometeu jack-up rig, that they plan to have the rig on location on or around
the 19th of July. Following rig up and conductor driving, this will enable the
drilling of the well to start early next week.
    The first well, which is will be known as the Doina-4 well, is expected
to take around 20 days to drill and log and a further 15 days if testing is
undertaken. Independent mapping of the Doina structure has indicated the
potential for significant upside to the north and east of the three wells
previously drilled. The Doina 4 well location has been selected approximately
1.5 kilometers north and east of the Doina 2 well to both further appraise the
existing discovery and provide additional data to partially evaluate further
upside. A successful well will be completed with a mud line suspension system
which will allow future re-entry and possible use as a producer.
    Stewart Gibson, Chief Executive Office of Sterling, states "Following the
successful discovery with our first operated well in the Black Sea, (Doina
Sister/Ana) we are excited to see our plans for the Midia Block moving
forward. In addition to refining the resource estimates within the original
Doina discovery, the next well (Doina-4) will hopefully yield valuable insight
into the upside which may exist within the overall Doina trend. The activity
in Romania as well as the expected drilling of several wells in the UK
offshore during the next six months is a period of important activity for the
    Sterling Resources Ltd. is an international oil and gas company
headquartered in Calgary, Alberta.

    Forward-Looking Statements

    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.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00002072E

For further information:

For further information: visit or contact:
Stewart G. Gibson, Chief Executive Officer, Phone: 44-133082-6717, Mobile:
44-7768-042219,; or George Kesteven, Investor
Relations, Phone: (403) 215-9265, Fax: (403) 215-9279,

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890