Sterling Resources Announces North Sea Asset Swaps

By Sterling Resources Ltd., PRNE
Monday, March 7, 2011

CALGARY, Alberta, March 8, 2011 - Sterling Resources Ltd. ("Sterling") (TSXV: SLG) is pleased to announce
that it has executed reciprocal agreements with Valiant Petroleum plc to
facilitate the exchange of certain North Sea assets. The transaction, which
is subject to a number of conditions precedent, including the approval of the
Department of Energy and Climate Change (DECC), will result in Sterling
acquiring a 25 percent interest and operatorship of Blocks 210/29c and
210/30b in the Northern North Sea. In exchange, Valiant will obtain a 40
percent interest in Sterling's Central North Sea licenses in Blocks 21/30f
and 22/26c, which have been offered for award to Sterling in the most recent
26th UKCS licensing round.

Blocks 210/29c and 210/30b are adjacent to Blocks 210/29a and 210/30a in
which Sterling as operator has discovered and is currently delineating the
Cladhan field. In addition to Sterling (25 percent), and Valiant Exploration
Limited (30 percent), the other remaining partners in Blocks 210/29a and
210/30b will be Wintershall UK North Sea Ltd. (25 percent) and Agora Oil and
Gas UK Ltd. (20 percent) on completion of the transaction.

"We are glad to be partnered with Valiant in the Central North Sea
licenses which contain a number of exploration and appraisal opportunities
which both parties are keen to evaluate," stated Mike Azancot, Sterling's
President and CEO. "Increasing our involvement in the greater Cladhan area is
of significant importance as we continue to determine the extent of the
hydrocarbon potential adjacent to the discovery in our current licenses to
the North and West. We are assessing the possibility of drilling a well in a
mapped southern channel later this year on the Blocks acquired through this
transaction," added Mr. Azancot.

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 policies of the TSX Venture Exchange) accepts
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

Financial outlook information contained in this press release about
prospective results of operations, financial position or cash flows is based
on assumptions about future events, including economic conditions and
proposed courses of action, based on management's assessment of the relevant
information currently available. Readers are cautioned that such financial
outlook information contained in this press release should not be used for
purpose other than for which it is disclosed herein.

%SEDAR: 00002072E

For further information:

For further information: visit or

Mike Azancot, President and Chief Executive Officer, Phone:
+44-1330-826764, Mobile: +44-7740-432883,

David Blewden, Chief Financial Officer, Phone: +44-1330-826766, Mobile:

George Kesteven, Manager, Corporate and Investor Relations, Phone:
+(403)215-9265, Fax: +1(403)215-9279,

Mike Azancot, President and Chief Executive Officer, Phone: +44-1330-826764, Mobile: +44-7740-432883, mike.azancot at David Blewden, Chief Financial Officer, Phone: +44-1330-826766, Mobile: +44-7771-740804, david.blewden at George Kesteven, Manager, Corporate and Investor Relations, Phone: +(403)215-9265, Fax: +1(403)215-9279, george.kesteven at

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