CALGARY, Alberta, March 8, 2011 /PRNewswire/ -- Sterling Resources
Ltd. ("Sterling") (TSXV: SLG) is pleased to announce that it has
executed reciprocal agreements with Valiant Petroleum plc to
facilitate the exchange of certain North Sea assets. The
transaction, which is subject to a number of conditions precedent,
including the approval of the Department of Energy and Climate
Change (DECC), will result in Sterling acquiring a 25 percent
interest and operatorship of Blocks 210/29c and 210/30b in the
Northern North Sea. In exchange, Valiant will obtain a 40 percent
interest in Sterling's Central North Sea licenses in Blocks 21/30f
and 22/26c, which have been offered for award to Sterling in the
most recent 26th UKCS licensing round.
Blocks 210/29c and 210/30b are adjacent to Blocks 210/29a and
210/30a in which Sterling as operator has discovered and is
currently delineating the Cladhan field. In addition to Sterling
(25 percent), and Valiant Exploration Limited (30 percent), the
other remaining partners in Blocks 210/29a and 210/30b will be
Wintershall UK North Sea Ltd. (25 percent) and Agora Oil and Gas UK
Ltd. (20 percent) on completion of the transaction.
"We are glad to be partnered with Valiant in the Central North
Sea licenses which contain a number of exploration and appraisal
opportunities which both parties are keen to evaluate," stated
Mike Azancot, Sterling's President
and CEO. "Increasing our involvement in the greater Cladhan area is
of significant importance as we continue to determine the extent of
the hydrocarbon potential adjacent to the discovery in our current
licenses to the North and West. We are assessing the possibility of
drilling a well in a mapped southern channel later this year on the
Blocks acquired through this transaction," added Mr. Azancot.
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 policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Filer Profile No. 00002072
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. 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: 00002072E
For further information:
For further information: visit http://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.com
David Blewden, Chief Financial Officer, Phone: +44-1330-826766,
Mobile: +44-7771-740804, david.blewden@sterling-resources.com
George Kesteven, Manager,
Corporate and Investor Relations, Phone: +(403)215-9265, Fax:
+1(403)215-9279, george.kesteven@sterling-resources.com