Sterling Announces Closing of $5.0-Million Over-Allotment Option


    CALGARY, March 25 /CNW/ - Sterling Resources Ltd. ("Sterling")
(TSX-V: SLG) is pleased to announce that it has issued an additional 2,000,000
common shares at a price of $2.50 per share for gross proceeds of $5,000,000
pursuant to the full exercise of the over-allotment option granted to the
underwriters under the $35-million common share financing which closed on
March 13, 2008.
    The underwriting syndicate was led by Wellington West Capital Markets
Inc., and included Canaccord Capital Corporation, Maison Placements Canada
Inc., and RBC Dominion Securities Inc.
    The total net proceeds of the offering and the over-allotment option of
$37,450,000 after fees and expenses will be used towards the Corporation's
planned 2008 exploration, appraisal and development expenditures primarily
relating to ongoing exploration, appraisal and development of Breagh and
Doina, as well as for general corporate and working capital purposes. Although
Sterling intends to expend the net proceeds in this manner, the actual
allocation of net proceeds may vary materially depending on future
developments relating to Sterling's assets and unforeseen events.

    Forward-Looking Statements

    This disclosure contains certain forward-looking statements that involve
substantial known and unknown risks and uncertainties, 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, therefore Sterling's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these 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. These statements include future production rates,
completion and production timetables and costs to complete wells, and
production facilities. These statements are based on 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.

    Sterling Resources Ltd. is an international oil and gas company
headquartered in Calgary, Alberta.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00002072E

For further information:

For further information: visit or contact
either: Stewart G. Gibson, Chief Executive Officer, Phone: 44-133082-6717,
Mobile: 44-7768-042219,; or Ian Hornby-Smith,
Chief Financial Officer, Phone: (403) 215-9264, Fax: (403) 215-9279,

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890