November 17, 2009 / 10:46 PM / in 9 years

UPDATE 1-Canada's Sterling Resources posts higher Q3 profit

* Q3 EPS C$0.53 vs C$0.01 yr ago

* Says gained C$72.1 mln from disposition of assets

Nov 17 (Reuters) - Canadian oil and gas company Sterling Resources Ltd SLG.V posted a higher third-quarter profit on Tuesday, helped by gains from disposition of assets.

The company, which has assets in the UK, Romania and France, reported a profit of C$69.8 million, or 53 Canadian cents a share, compared with C$994,363, or 1 Canadian cent a share, a year earlier.

The increase in net income is attributable to a gain of C$72.1 million on disposition of one-third of Sterling’s 45 percent interest in Breagh gas field and other interests in surrounding blocks in the UK Southern North Sea, the company said.

The company had cash and cash equivalents of C$96 million, while its net working capital was $81 million, at Sept. 30.

Shares of the Calgary, Alberta-based company closed at C$1.86 Tuesday on the Toronto Venture Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel)

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