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Sterling Resources Announces 2012 Year-End Reserves and Resources Information

Sterling Resources Ltd. (SLG.V), an international oil and gas company with exploration and development assets in the United Kingdom, Romania, France and the Netherlands, announced the filing of its annual reserves disclosure and an update of the company's Contingent and Prospective Resources, both as at December 31, 2012.

The company has increased its Proved and Proved plus Probable Reserves by 1.7 and 2.7 million barrels of oil equivalent respectively, an increase of approximately 8% over year-end 2011. This increase can largely be ascribed to the reclassification of Contingent Resources to Reserves for the Cladhan field, offsetting reductions in Reserves attributable to the Sheryl and Kirkleatham fields.

The company has increased P50 Contingent Resources by 3.6 MMboe, an increase of 4% from year-end 2011. This increase is attributable to new properties added to the company's portfolio in the UK and Romania and exploration success with the Eugenia-1 well offshore Romania, offsetting the reduction attributed to reclassification of the Cladhan field Contingent Resources to Reserves.

The company has increased Best Estimate Prospective Resources by 103.3 MMboe equivalent, an increase of 22% over year-end 2011. This increase is due to new properties added to the company's portfolio in the UK, the Netherlands and Romania and new prospectivity identified within the company's previously held properties.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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