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Press release from CNW Group

Sterling Resources Announces Amendment of the Construction Permit Law in Romania

Thursday, October 13, 2011

Sterling Resources Announces Amendment of the Construction Permit Law in Romania02:00 EDT Thursday, October 13, 2011CALGARY, Oct. 13, 2011 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG)("Sterling" or the "Company") is pleased to announce that effective October 11th, 2011 the Romanian government has rescinded the Construction Permit Law, in relation to offshore requirements, an impediment upon which the Company had declared force majeure on April 28th, 2011 on its Midia and Pelican Blocks in the Black Sea. This action is very welcome as it removes a major obstacle for offshore work by any operator in the Romanian Black Sea. However, it does not in itself, address all the issues raised in the Notice of Dispute which the Company filed on June 20th, 2011.   Rather than resorting to arbitration, Sterling continues its negotiations with the authorities to secure an early approval to assign equity to intended partners and to receive an extension to license periods for the time lost since the onset of the blockages impeding the progress of exploration and development activities."We are delighted that one of the major issues in our dispute in Romania has been solved. We continue to believe that a complete resolution is possible as we continue our dialogue with the relevant authorities who can enable our partnership to resume exploration and development activities on this highly attractive license," stated Mike Azancot, President and CEO of Sterling Resources.Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands.  The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Filer Profile No. 00002072 Forward-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.For 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.com David Blewden, Chief Financial Officer, Phone: 44-1330-826766, Mobile: 44-7771-740804, david.blewden@sterling-resources.com George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, george.kesteven@sterling-resources.com