CALGARY, Aug. 18 /CNW/ - Sterling Resources Ltd. ("Sterling") (TSX-V:SLG)
is pleased to report that it has reached agreement to acquire an additional
40% working interest in the large (1,500,000 acre) South Craiova Block E III-7
located onshore Romania.
The agreement, which is subject to the completion of formal documentation
and approval by the National Agency for Mineral Resources, is effective from
July 1, 2008 and allows the transfer of the entire right, title and interest
previously held by Grove Energy (Romania) Limited to Midia Resources SRL, a
wholly owned subsidiary of Sterling.
"With a return to a 100% working interest in the Craiova area, we will be
progressing with our plans to see the start of a multi-well drilling program,
targeting shallow gas potential in the Goshawk area of Craiova towards the end
of 2008 and reviewing the potential for additional seismic within this large
concession area" stated Stephen Birrell, Sterling's Vice President of
Operations in Romania.
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.
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.
For further information:
For further information: visit www.sterling-resources.com or contact:
George Kesteven, Manager, Investor Relations, Phone: (403) 215-9265, Fax:
(403) 215-9279, firstname.lastname@example.org; Stewart G. Gibson, Chief
Executive Officer, Phone: 44-133082-6717, Mobile: 44-7768-042219,