Sterling Resources Ltd. announces planned drilling activity on the Craiova concession, onshore Romania



    CALGARY, Sept. 3 /CNW/ - Sterling Resources Ltd. ("Sterling") (TSX-V:SLG)
is pleased to announce that it has reached an agreement in principle with
TransAtlantic Petroleum Corporation ("TransAtlantic") to farm out a 50%
working interest in the large (1,500,000 acre) South Craiova Block E III-7
located onshore Romania. The agreement is subject to the completion of formal
documentation and approval by the Romanian National Agency for Mineral
Resources.
    This agreement follows a recently announced agreement between Sterling
and Grove Energy Romania, which will see Sterling re-acquire the full 100%
interest in the license.
    Following the farm-out, Sterling will retain a 50% working interest and
operatorship through Midia Resources SRL, a wholly owned Romanian subsidiary
of Sterling.
    In return for the working interest of 50%, TransAtlantic has agreed to
conduct a work program of three exploratory wells, covering Sterling's costs
through drilling and testing. TransAtlantic will undertake the work program
using a proprietary drilling rig and crew, with the first well expected to
spud before the end of 2008.
    "With a return to a 100% working interest in the Craiova area, this
agreement with TransAtlantic allows us to initiate exploration drilling on the
license, targeting shallow gas potential in the Goshawk area of Craiova at no
immediate cost to Sterling," stated Stephen Birrell, Sterling's Vice President
of Operations in Romania.

    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.

    %SEDAR: 00002072E




For further information:

For further information: visit www.sterling-resources.com or contact:
George Kesteven, Manager, Investor Relations, Phone: (403) 215-9265, Fax:
(403) 215-9279, george@sterling-resources.com; Stewart G. Gibson, Chief
Executive Officer, Phone: 44-133082-6717, Mobile: 44-7768-042219,
stewart@sterling-resources.co.uk


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