“Out of respect for the company and also to eliminate all speculations on the connection existing between Rompetrol – Sterling Resources and Midia Resources, Nicolae Vidu decided to step down as administrator from Rompetrol Well Service, company listed at Bucharest Stock Exchange since1998”, says Rompetrol in a press release.
Nicolae Vidu has an extensive experience of nearly 35 years in geology and exploration and was appointed as administrator of Rompetrol Well Service in 2007, alongside two other persons.
“The position adopted by him does not infringe any law in force and this type of situations can be found both in Romania and abroad”, Rompetrol said.
Sterling Resources is a Calgary based energy company. Sterling Resources is publicly traded at Toronto TSX Venture Exchange under ‘SLG’ symbol. The company is engaged in the exploration, development and production of crude oil and natural gas in Great Britain, France and Romania. The company holds a participation share of 100% in Pelican and Midia perimeters as of April 1997.
Midia Resources S.R.L is a wholly owned Romanian subsidiary of Sterling Resources and acts as operator and oversees the execution of oil operations. The funds are directly provided by the parent company, Sterling Resources.
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