CALGARY, March 22, 2012 /CNW/ - Sterling Resources Ltd. (TSXV: SLG) ("Sterling" or the "Company") is pleased to announce that its wholly owned subsidiary in Romania, Midia Resources SRL ("Midia"), has obtained approval from the National Agency for Mineral Resources for an interest in the 1,000 square kilometre Romanian Black Sea concession Block 27 (Muridava). Midia will obtain a 40 percent interest and the current concession holders Melrose Resources Romania BV and Petromar Resources S.A. will then hold 40 percent and 20 percent respectively.
Block 27 was one of a number of 10th Round offshore concessions awarded in June 2010 and was ratified by the government in October 2011. The shallow water block, adjacent to Sterling's Pelican Block, contains multiple exploration plays, has existing 2D seismic coverage and contains an existing hydrocarbon discovery, Olimpiyskaya, which was drilled in 2001. This well has limited historical data. The Concession Agreement has an initial three year exploration period with a commitment to undertake seismic acquisition and drill three wells. The exploration period can then be extended for an additional three year period.
"The addition of this highly prospective block is part of Sterling's strategy to build on its existing acreage at Midia and Pelican (Blocks XV and XIII). With the awarding of new concessions in the Romanian Black Sea, Sterling's amicable resolution of issues with the state of Romania in November 2011 and the recent drilling activity in the deepwater, we believe that the Romanian offshore is entering into an exciting phase of increasing exploration activity," stated Mark Beacom, Sterling's Vice President and General Manager, Romania.
Sterling Resources Ltd. 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 shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Filer Profile No. 00002072
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.
For further information:
visit www.sterling-resources.com or contact:
Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488, Mobile: 44-7740-432883, [email protected]
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, [email protected]
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, [email protected]