CALGARY, July 2 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG.V)
Sterling Resources Ltd. (Sterling) is pleased to announce that it has signed a drilling contract with Grup Servicii Petroliere S.A. (GSP) for the use of the jack-up rig Prometeu, which is available to start operations on the Doina D well toward the end of July 2008. The contract is for one firm well and one option well. The option well is planned to be an appraisal and step-out well from the Doina Sister discovery which was drilled with the Prometeu in December 2007.
Stewart Gibson, CEO, commented, "We are pleased to have been able to sign a contract for the Prometeu, the rig and crew performed efficiently without incident on our Doina Sister well and we are looking forward to starting our 2008 drilling campaign in the Black Sea."
Forward-Looking Statements
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.
Sterling Resources Ltd. is an international oil and gas company headquartered in Calgary, Alberta.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contactsvisit www.sterling-resources.com or contact either: George KestevenInvestor Relations
Phone: (403) 215-9265
Fax: (403) 215-9279
E-mail: george@sterling-resources.com or Stewart G. Gibson
Chief Executive Officer
Phone: 44-133082-6717
Mobile: 44-7768-042219
stewart@sterling-resources.co.uk
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