CALGARY, May 30, 2014 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") announces that the first exploration well to be drilled by the Muridava Concession owners on 10th round licensing Block 27 in Romania's Black Sea has completed drilling operations and has been abandoned. The Muridava-1 well, in which Sterling holds a 40 percent interest, was spudded on April 11th, 2014 reaching a total measured depth of 2,747 metres. Although open hole logs were not obtained through the primary zones of interest due to severe deterioration of the open hole, drilling samples, cuttings and mud logs through the penetrated sections did not indicate any hydrocarbon accumulations. Furthermore the well was unable to reach a secondary target in the Lower Cretaceous.
"We are disappointed with the Muridava 1 well and that operating conditions prohibited the reaching of the full targeted depth. We have two more drilling locations on this Concession which we will be reviewing with the Operator and will likely return to drilling on this Block in 2015," stated Jake Ulrich, Sterling's CEO.
Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG".
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Filer Profile No. 00002072
All statements included in this news 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 expected production, 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 news 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 news 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 news release should not be used for purposes 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:
Jacob Ulrich, Chief Executive Officer, Phone: (403) 237-9256, [email protected]
David Blewden, Chief Financial Officer, Phone: (403) 237-9256, [email protected]
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, [email protected]