Sterling Resources Ltd. announces planned drilling activity on the Craiova concession, onshore Romania

CALGARY, Sept. 3 /CNW/ - Sterling Resources Ltd. ("Sterling") (TSX-V: SLG.V) is pleased to announce that it has reached an agreement in principle with TransAtlantic Petroleum Corporation ("TransAtlantic") to farm out a 50% working interest in the large (1,500,000 acre) South Craiova Block E III-7 located onshore Romania. The agreement is subject to the completion of formal documentation and approval by the Romanian National Agency for Mineral Resources.

This agreement follows a recently announced agreement between Sterling and Grove Energy Romania, which will see Sterling re-acquire the full 100% interest in the license.

Following the farm-out, Sterling will retain a 50% working interest and operatorship through Midia Resources SRL, a wholly owned Romanian subsidiary of Sterling.

In return for the working interest of 50%, TransAtlantic has agreed to conduct a work program of three exploratory wells, covering Sterling's costs through drilling and testing. TransAtlantic will undertake the work program using a proprietary drilling rig and crew, with the first well expected to spud before the end of 2008.

"With a return to a 100% working interest in the Craiova area, this agreement with TransAtlantic allows us to initiate exploration drilling on the license, targeting shallow gas potential in the Goshawk area of Craiova at no immediate cost to Sterling," stated Stephen Birrell, Sterling's Vice President of Operations in Romania.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania and France. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".

    
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Forward-Looking Statements

All statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future.

These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.

Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.

Contacts

visit www.sterling-resources.com or contact: George Kesteven
Manager
Investor Relations
Phone: (403) 215-9265
Fax: (403) 215-9279
george@sterling-resources.com

Stewart G. Gibson
Chief Executive Officer
Phone: 44-133082-6717
Mobile: 44-7768-042219
stewart@sterling-resources.co.uk