Sterling Announces Current Resources Estimates for Properties Offshore Romania

Sterling Resources Ltd. is providing current resources estimates for its properties offshore Romania.

The current estimates have been prepared by Sterling’s independent reserves evaluator RPS Energy and comprise individual and aggregated resources estimates for the fields and prospects in Block 13 Pelican and Block 15 Midia (Sterling 65 percent), Block 25 Luceafarul (Sterling 50 percent) and Block 27 Muridava (Sterling 40 percent). The Prospective Resources estimates do not include those relating to the Anca and Maria prospects in Block 15 Midia, which are planned to be sold to ExxonMobil Exploration and Production Romania and OMV Petrom pursuant to the transaction announced separately today.

– Company Share 2C Contingent Resources offshore Romania are now 278 billion cubic feet (Bcf) of gas. This represents a 24 percent increase from the figure reported as at the end of 2011 in the Company’s Annual Information Form, which did not include the contribution from the gas discovery in the Luceafarul Block.

– Company Share Unrisked Prospective Resources (P50) offshore Romania now stand at 403 million barrels (MMbbls) of oil and 1,035 Bcf of gas, excluding the Anca and Maria prospects in the Midia Block. This represents a 100 percent increase and a 40 percent increase respectively in the equivalent figures reported as at the end of 2011 in the Company’s Annual Information Form, which did not include the contribution from prospects in the Luceafarul and Muridava Blocks.

“Sterling has long recognized the hydrocarbon potential in our extensive Black Sea acreage,” commented Mike Azancot, Sterling’s Chief Executive Officer. “With our recent addition of interests in the Block 27 Muridava and Block 25 Luceafarul earlier in 2012, and further assessment of prospects in both the Midia and Pelican Blocks, we can now report a significant uplift to our prospect portfolio.”

[mappress]
Press Release, October 22, 2012