Sterling Completes Black Sea Acquisition from Talisman

Sterling Resources Ltd. said that it has completed an arrangement with Talisman Petroleum Ltd. to acquire its 80-percent interest in the Romanian Black Sea blocks XIII Pelican and IX Midia.

Sterling originally held a non-operated 20-percent interest in these blocks and will now have a 100-percent working interest and operate.

The blocks cover an area of over 1.1 million acres and contain several mapped prospects as well as a gas discovery named Doina in the southern Midia block.

Three prospects have been matured and are drill ready. Two of these are in the southern Midia block and one is in the northern Pelican block. Recent drilling just to the east of the Pelican block resulted in reported oil and gas testing in the Olimpiyskiy well, proving hydrocarbon in close proximity to the Pelican block.

Sterling plans to increase the activity levels commensurate with the prospectivity of these blocks. The plan is to complete internal mapping and refine drilling locations on the three prospects Gasca, Doina Sister and Midia SE. The Gasca prospect has multiple targets and is located in the northern Pelican block, Doina Sister is a look-alike structure to the Doina gas discovery and Midia SE is a large structure also located on the southern Midia block.

Sterling is targeting the start of a drilling program in the second half of 2007 and may bring industry partners into one or more of the prospects prior to drilling.

Sterling Resources Ltd. is an international oil and gas company headquartered in Calgary, Alberta.

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