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Sterling Resources Announces First Quarter Operating and Financial Results
Sterling Resources Announces First Quarter Operating and Financial Results Sterlin...
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[{"type":"text","content":"\n\n\n\nSterling Resources Announces First Quarter Operating and Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSterling Resources Announces First Quarter Operating and Financial Results\nCanada NewsWire\nCALGARY, May 19, 2016\n\n\n\nCALGARY, May 19, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) (\"Sterling\" or the \"Company\") an international oil and gas company with exploration and development assets in the United Kingdom and the Netherlands, announces interim operating and financial results for the quarter ended March 31, 2016.  Unless otherwise noted all dollar figures contained in this report are denominated in U.S. dollars.\n\nFinancial Highlights\n\n\nFor the three months ended March 31, 2016 the Company recorded a net loss of $17.4 million ($0.04 per common share) compared with a net loss of $44.5 million ($0.12 per common share) during the first quarter of 2015.  The first quarter 2016 loss is principally attributable to lower revenues as a consequence of both lower commodity prices and production, while the first quarter 2015 loss was principally due to a reduction in the value of the deferred tax asset. \nRevenue from Breagh during the first quarter of 2016 of $9.7 million was generated from sales gas production of approximately 2.2 billion cubic feet at an average realized gas price of 30.6 pence per therm ($4.33 per thousand cubic feet) and condensate production of 890 tonnes (6,542 barrels) at an average price of $276 per tonne.  In the first quarter of 2015, revenue was $25.8 million derived from the sale of 3.3 billion cubic feet of gas at an average price of 46.6 pence per therm ($7.25 per thousand cubic feet) and 1709 tonnes (14,271 barrels) of condensate at an average price of $444 per tonne. \nFirst sales from the Cladhan oil development occurred during the first quarter of 2016, totaling $0.4 million derived from the sale of 11,700 barrels of oil relating to the Company's two percent interest in the field at an average realized price of $35 per barrel.  The Company also recognized $2.4 million of Cladh...