Sterling Resources Announces Anticipated Completion of Recapitalization

CALGARY, May 30, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) (the "Company") announces that completion of the recapitalization of the Sterling Resources group (the "Recapitalization"), originally expected to occur on or about May 27, 2016, is now anticipated to occur during the week of May 30, 2016.  Until completion, trading in the Senior Secured Bonds 2013/2019 (ISIN NO 001 0675671) issued by the Company's UK subsidiary will remain suspended.

Sterling Resources is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom and the Netherlands. The common shares are listed and posted for trading on the TSX Venture Exchange (TSX-V) (TSX-V) exchange under the symbol "SLG".

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the accuracy of this release.

Filer Profile No. 00002072

Forward-Looking Statements

This news release contains forward-looking statements with respect to the completion of the Recapitalization.

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 news release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.

SOURCE Sterling Resources Ltd.

For further information: visit or contact: Jacob Ulrich, Chief Executive Officer, Phone: +1 (403) 237-9256,; David Blewden, Chief Financial Officer, Phone: +1 (403) 237-9256,; George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912,


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