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Press release from CNW Group

Sterling Resources Confirms Formal Approval of Resolution reached with the Government of Romania

Friday, November 18, 2011

Sterling Resources Confirms Formal Approval of Resolution reached with the Government of Romania04:58 EST Friday, November 18, 2011CALGARY, Nov. 18, 2011 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") is pleased to confirm that on November 18th formal documentation was received from the Romanian National Agency for Mineral Resources (NAMR) approving the assignment of equity to partners and confirming the term of the offshore license. The execution of this documentation follows the announcement made by the Company on October 27th indicating that an amicable agreement has been reached with the Government of Romania in respect of certain issues as detailed in a Notice of Dispute filed with Sterling to the State of Romania on June 20, 2011.The Romanian Black Sea partnership holding both the Midia and Pelican blocks now comprises Sterling as operator with a 65 percent interest, PetroVentures Europe with a 20 percent interest and Gas Plus International with an interest of 15 percent. The initial exploration period for the entire license will expire in May 2014 with two additional, three year renewal terms also being available under the Concession Agreement signed in August 2007."We are pleased to conclude the execution of this documentation with NAMR which will permit Sterling and its partners to resume exploration and appraisal activities in the Romanian Black Sea as well as to push forward with the development of our Ana and Doina discoveries," stated Mike Azancot, Sterling's President and CEO.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. 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.For further information: visit www.sterling-resources.com or contact: Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8487, Mobile: 44-7740-432883, mike.azancot@sterling-resources.com David Blewden, Chief Financial Officer, Phone: 44-20-3008-8489, Mobile: 44-7771-740804, david.blewden@sterling-resources.com George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, george.kesteven@sterling-resources.com