Sterling Resources receives approval for new fiscal arrangement offshore Romania

CALGARY, Nov. 26 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG.V) ("Sterling" or the "Company") today announces approval by the Government of Romania of the 11th Amendment to the Exploration and Production Sharing Agreement for Blocks XIII Pelican and XV Midia located in the Romanian Black Sea.

This Amendment converts the original Exploration and Production Sharing Agreement to conform with Romania's tax and royalty structure as contained in other recent petroleum agreements. The agreement transfers greater control and decision-making to the operator, and reduces direct day-to-day Government involvement, without compromising the requirement for ongoing compliance with both Romanian and European legislation.

"When Sterling acquired operatorship and increased our working interest to 100% in late 2006, we set out to achieve three primary objectives: (1) to bring in partners to share in the exploration and development of the two blocks; (2) to establish the presence of gas in the Ana prospect and; (3) to convert the historical Exploration and Production Sharing Agreement to a more workable Tax/Royalty Concession. We are pleased to have completed all of these objectives in less than two years and are committed to continue the growth of our Company in Romania" stated Stephen Birrell, Sterling's Bucharest based Vice President of Romanian Operations.

Further details regarding the 11th Amendment were published (as decision number 1446 of the Government of Romania dated November 12th, 2008) in the Official Monitor of Romania, Part I, no. 780 dated November 21, 2008.

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.

Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this press release should not be used for purpose other than for which it is disclosed herein.

Contacts

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

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