2009-08-16-2008-10-01

Transaction Type
Announce Date
Post Date
Estimated Price
0MM
Description

To purchase additional 40% WI in South Craiova Block E III-7 onshore covering 1.5 million acres.

Midia Resources SRL, a subsidiary of Sterling Resources Ltd., Calgary, (Toronto Venture: SLG) plans to acquire an additional 40% working interest in the South Craiova Block E III-7 onshore Romania from Grove Energy (Romania) Ltd., a subsidiary of Grove Energy Ltd., London, (London: GRV) for an undisclosed price. The block covers 1.5 million acres in the Craiova area. Sterling vice president, operations, Romania, Stephen Birrell says, "With a return to a 100% working interest in the Craiova area, we will be progressing with our plans to see the start of a multi-well drilling program, targeting shallow gas potential in the Goshawk area of Craiova toward the end of 2008 and reviewing the potential for additional seismic within this large concession area."