Sterling and Vitol Reach Accommodation

Sterling Resources Ltd. has announced that it has reached agreement with shareholders representing approximately 39 percent of the common shares, for the continuity of Sterling as a publicly traded company.

The agreement will see Vitol Anker International B.V. (Vitol Anker), an affiliate of shareholder Vitol Bermuda, abandoning its previously announced intention to make a take-over bid for Sterling’s Common Shares.

In February, Vitol Anker announced that it intends to make an unsolicited cash offer, placing an enterprise value of C$290.6 million. for for the Canadian listed oil and gas exploration company. Vitol, which had provided Sterling with US$12 million loan as well as purchasing common shares, holds about 14 per cent of Sterling.

Other parties to the agreement including Meridian Capital International Fund, YF Finance Limited and Waterford Finance and Investment Limited.

Sterling has agreed to propose Mr. Jacob S. Ulrich and Mr. James H. Coleman, Q.C , for election at the Company’s annual general and special meeting of shareholders to be held on June 11, 2013.

In conjunction with the nomination of the foregoing directors, Walt DeBoni, the current chairman of the board of directors and the Special Committee, together with Mr. Graeme Phipps, the current chairman of the reserves committee and a member of the Special Committee, and Mr. Stewart G. Gibson, have agreed not to stand for re-election to the board of directors at the Meeting.

Mike Azancot, the President and Chief Executive Officer of the Company, commented: “With the Company now well positioned financially to move forward on its strategic priorities, we look forward to receiving the benefit of the formidable experience that Jacob and James bring to the Company and leveraging that experience to the benefit of the Company and all of its shareholders.”