Sterling’s interim CEO becomes permanent

Sterling Resources has informed that Jacob S. Ulrich, previously Chair and Interim CEO, has been appointed by the board of directors of the Company s permanent CEO with immediate effect.

The company added that, to ensure the most effective corporate governance, Ulrich has stepped down as Chair of the Company and  James H. Coleman has been appointed as Chair by the Board.

Prior to joining Sterling’s Board in June 2013, Ulrich was the senior energy advisor for Och-Ziff Capital Management Group in London from 2008 to 2011, responsible for developing Och-Ziff’s portfolio of upstream, renewable and infrastructure investments in the European Union, Africa, the former Soviet Union and the Middle East. Ulrich was Managing Director of Centrica Energy Group from 1997 to 2008, responsible for the development and operations of upstream gas and power generation assets, procurement for British Gas Retail and British Gas Business, trading and upstream/midstream business development. Mr. Ulrich holds a Bachelor of Science in Engineering degree and a Masters of Business Administration degree.

“I have really enjoyed getting to know the team here at Sterling over the past six months. Getting Breagh on-stream and starting to move forward to derisk the Romanian operations has been challenging and I have been very impressed by the group’s capabilities,” stated Jake Ulrich, Sterling’s Chief Executive Officer. “With the sale of the deep-water portion of the Midia Block in Romania completed and Breagh on-stream, the Company now has a strengthened balance sheet, permitting us to move forward judiciously with the exploration and development of our attractive asset base,” added  Ulrich.

James H. Coleman, Q.C. is a senior partner with the law firm of Norton Rose Canada LLP (previously Macleod Dixon LLP). Mr. Coleman has been involved in banking, corporate, securities, mining and oil and gas transactions in Canada, the United States, Europe, Central and South America, Africa and Asia. He has also been involved in a number of large divestments and acquisitions, corporate reorganizations and major financings within the energy sector. As a director of a number of public companies, including mining and oil and gas companies, Mr. Coleman has chaired various independent committees of public companies relating to corporate, governance and securities matters. Mr. Coleman holds an LL.B. and a Bachelor of Business Administration degree.

“Under the leadership of Jake Ulrich the Company’s future looks very promising and together with our first class management team we are well positioned to move Sterling forward to the next level,” stated Coleman, Sterling’s Board Chair.

 

 February 19, 2014

 

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