The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

STERLING RESOURCES ANNOUNCES CESSATION OF FARM-IN AGREEMENT IN ROMANIA

Monday, November 01, 2010

STERLING RESOURCES ANNOUNCES CESSATION OF FARM-IN AGREEMENT IN ROMANIA06:30 EDT Monday, November 01, 2010CALGARY, Nov. 1 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") announces that following the immediate cessation of the Farm-in Agreement with Melrose Resources BV, the Company has withdrawn the 32.5% assignment request made on May 22, 2009 with the National Agency for Mineral Resources (NAMR) for Melrose Resources BV on Sterling's Pelican and Midia Blocks, offshore Romania. The effective date of this withdrawal request to NAMR, the regulatory agency responsible for mineral resource administration on behalf of the Government of Romania, is November 1, 2010.The inability to obtain assignment approval has impeded progress on the Ana and Doina discoveries, as well as further exploration and appraisal activities on the Blocks.  Sterling now intends to proactively move forward with offshore activities in concert with its other intended assignees, PetroVentures Europe BV and Gas Plus International BV.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.Filer Profile No. 00002072Forward-Looking StatementsAll 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.%SEDAR: 00002072EFor further information: visit www.sterling-resources.com or contact:Mike Azancot, President and Chief Executive Officer, Phone: 44-1330-826764, Mobile: 44-7740-432883, mike.azancot@sterling-resources.co.ukDavid Blewden, Chief Financial Officer, Phone: 44-1330-826766, Mobile: 44-7771-740804, david.blewden@sterling-resources.co.ukGeorge Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, george@sterling-resources.com