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Press release from CNW Group


Wednesday, October 20, 2010

STERLING RESOURCES ANNOUNCES SENIOR MANAGEMENT APPOINTMENTS07:00 EDT Wednesday, October 20, 2010 CALGARY, Oct. 20 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") is pleased to announce that Mark Beacom has joined the Company effective October 13(th), as Vice President and General Manager, Romania.  Concurrently Stephen Birrell, who formerly held this role in Romania, has been appointed as Vice President and General Manager, Netherlands and France. Mr. Beacom is a highly experienced and respected international oil and gas executive. During the past 26 years, he has held increasingly senior operational leadership and managerial positions in a number of companies, both public and private. Since 2006, he has served as President of Carthage Energy, a privately owned company providing advisory services to the international energy sector and has been leading an initiative to establish a hydro development company, Carthage Hydro Limited, in South-eastern Europe. Previous to his involvement with Carthage Energy, he served as Vice President, Joint Venture Operations for Petrokazakhstan Inc. until the takeover of the company in 2005.  Mr. Beacom holds a Bachelor of Science degree (Honours) in Mechanical Engineering from Queens University in Kingston, Ontario and a Master of Business Administration degree from the London Business School in the UK.  He is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA). The Board of Directors has awarded stock options to Mr. Beacom to acquire 400,000 common shares at an exercise price of $3.18 per share. The options are exercisable for up to a five-year term and shall vest over three years from the date of grant. Mr. Birrell joined Sterling in 2005 and is a petroleum geoscientist with 25 years of technical and management experience in the international oil and gas industry including exploration, field appraisal, development and acquisition and divestment activities. "These appointments reflect the important and ongoing changes in Sterling's growing asset base," stated Mike Azancot, Sterling's President and CEO.  "We welcome Mark to the Company as we continue with our plans for production and further exploration in Romania. He takes over from Stephen who has been instrumental in building our Romanian business. I am delighted that Stephen will now be taking charge of Sterling's new business in France and the creation of new growth opportunities in the Netherlands," added Mr. Azancot. 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". The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Filer Profile No. 00002072 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. %SEDAR: 00002072ETo view this news release in HTML formatting, please use the following URL: further information: <p>visit <a href=""></a> or contact:</p> <p align="left">Mike Azancot, President and Chief Executive Officer, Phone: 44-1330-826764, Mobile: 44-7740-432883, <a href=""></a></p> <p align="left">David Blewden, Chief Financial Officer, Phone: 44-1330-826766, Mobile: 44-7771-740804, <a href=""></a></p> <p align="left">George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, <a href=""></a></p>