Sterling Resources Ltd said its third-quarter net profit jumped 70-fold to 69,758,879 Canadian dollars, from 994,363 in the same period of last year.
“The significant increase in net income for the quarter when compared to the same quarter of 2008 is attributable to the gain of $72,103,206 recorded on the disposition of one third of Sterling’s 45% interest in the Breagh gas field and varying interests in the surrounding blocks comprising the Greater Breagh Area in the UK Southern North Sea”, the Calgary-based energy company said in a release.

For the nine months ended September 30, 2009 net income of 66,935,434 Canadian dollars ($0.51 per share basic and diluted) was recorded compared with a loss of $51,441 ($0.00 per share - basic and diluted) for the nine months ended September 30, 2008.

The vice president of Sterling Resources, Stephen Birrel said the company the company enjoys a solid financial capacity that allows it to proceed with the exploration works and development in 2010, to develop Ana and Doina blocks in Romania, as well as the new Breagh gas field in UK.

For the offshore blocks in the Black Sea, Sterling has agreements with Melrose Resources (32,5%), Gas Plus International (15%) and Petro Ventures Europe (20%). These agreements are pending for approval by the National Agency for Mineral Resources.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta. Sterling Resources Ltd. is listed at Toronto TSX Venture Exchange under ticker “SLG”. Sterling Resources is engaged in the exploration, development and production of crude oil in UK (both in UK offshore - the North Sea – and onshore), in France and Romania (onshore – South Craiova block - and offshore in the Black Sea – Pelican and Midia blocks.

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