Sterling Resources Ltd. announces closing of $28.7 Million bought deal financing including over-allotment option

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN

THE UNITED STATES/

CALGARY, Aug. 6 /CNW/ - Sterling Resources Ltd. ("Sterling") (TSX-V: SLG.V) is pleased to announce the closing of its previously announced offering (the "Offering") of 9,804,000 Units (the "Units") at a price of $2.55 per Unit. The Underwriters also exercised in full their over-allotment option to acquire an additional 1,470,600 Units at a price of $2.55 per Unit. The total offering of 11,274,600 Units resulted in Sterling receiving aggregate gross proceeds of $28,750,230.

Each Unit consists of one common share (a "Share") of Sterling and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). The Offering was made on a bought deal basis through a syndicate of underwriters led by Wellington West Capital Markets Inc., and also included Canaccord Capital Corporation, Maison Placements Canada Inc. and RBC Dominion Securities Inc (the "Underwriters").

Each Warrant will be exercisable by the holder for one additional Share (a "Warrant Share") until 4:30 p.m. (Toronto time) on August 6, 2009 at a price of $3.25 per Warrant Share. In the event that Sterling's shares trade at a closing price on the TSX Venture Exchange of greater than $4.00 for period of 15 consecutive trading days at any time after December 7, 2008, Sterling may accelerate the expiry date of the Warrants by giving notice to the holders and the Warrants will then expire on the 30th day after the date on which notice is given by Sterling.

The net proceeds of this Offering of approximately $27 million after fees and expenses will be used towards exploration and appraisal drilling programs in the U.K. North Sea and Romania in order to complete the pre-development work in anticipation of filing development plans early in 2009.

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

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The Shares will not and have not been registered under the United States Securities Act of 1933, and may not be offered or sold in the United States absent registration, or an applicable exemption from the registration requirements.

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, 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, therefore Sterling's actual results, performance or achievement could differ materially from those expressed in, or implied by, these 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. These statements include future production rates, completion and production timetables and costs to complete wells, and production facilities. These statements are based on 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.

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

Ian Hornby-Smith
Chief Financial Officer
Phone: (403) 215-9264
Fax: (403) 215-9279
ian@sterling-resources.com

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