2009-08-17-2008-06-01-2008-06-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
MM
Description

Signed farm-out to earn WI in licenses.

Sterling Resources Ltd., Calgary, (Toronto Venture: SLG) has signed farm-out agreements with Petro Ventures Ltd., a subsidiary of Australia-based Petro Ventures International Ltd., in the Breagh area of the North Sea. Petro Ventures will earn a 20% working interest in license P1231 (blocks 42/19, 42/20 and 42/24) and license P1524 (blocks 42/2b, 42/3 and 42/4) and a 15% working interest in license P1327 (Blocks 42/8, 42/9 and 42/14). The agreement requires the first well to be drilled in each of the P1231 and P1327 licenses. Sterling will retain an 80% working interest in licenses P1231 and P1524, and 60% in license P1327. Sterling will consider further farmouts prior to drilling. The first well planned for P1231 is scheduled for 2008 as part of the recently announced program for the Ensco 70 jack up rig.