Sterling Resources announces Cessation of Farm-In Agreement in Romania

abarrelfull wrote on 02 Nov 2010 09:41
Tags: romania sterling upstream

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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announces that following the immediate cessation of the Farm-in Agreement with Melrose Resources BV, the Company has withdrawn the 32.5% assignment request made on May 22, 2009 with the National Agency for Mineral Resources (NAMR) for Melrose Resources BV on Sterling’s Pelican and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”.

• Sterling Resources announces Cessation of Farm-In Agreement in Romania

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