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Press release from CNW Group

STERLING RESOURCES ANNOUNCES SUCCESS IN THE UK 26th OFFSHORE LICENSING ROUND

Monday, November 01, 2010

STERLING RESOURCES ANNOUNCES SUCCESS IN THE UK 26th OFFSHORE LICENSING ROUND03:00 EDT Monday, November 01, 2010CALGARY, Nov. 1 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") is pleased to announce that it has been successful in the UK 26th Offshore Licensing Rounds awards, which were recently announced by the UK Department of Energy and Climate Change (DECC).Sterling has exclusively been awarded licenses for Blocks 21/30e and 22/26c located in the UK Central North Sea, located to the east of the Company's existing Sheryl and Blakeney fields. In addition to these Blocks, the Company has also been awarded licenses in Blocks 42/13b, 42/17 & 42/18 jointly with partner and operator RWE Dea. These Quad 42 Blocks are located to the south of the existing Breagh development.DECC has yet to announce the awarding of further licenses for which Sterling has made applications, these being part of some 99 licenses still to be awarded to the industry in the UK North Sea by DECC, subject to further consideration regarding potential environmental impacts.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. 00002072Forward-Looking StatementsAll 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: 00002072EFor further information: visit www.sterling-resources.com or contact:Mike Azancot, President and Chief Executive Officer, Phone: 44-1330-826764, Mobile: 44-7740-432883, mike.azancot@sterling-resources.co.ukDavid Blewden, Chief Financial Officer, Phone: 44-1330-826766, Mobile: 44-7771-740804, david.blewden@sterling-resources.co.ukGeorge Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, george@sterling-resources.com