Sterling Resources Ltd. reported earnings results for the third quarter and nine months ended September 30, 2009. Net income for the quarter ended September 30, 2009 was $69,758,879 or $0.53 per share basic and diluted compared to net income of $994,363 ot $0.01 per share - basic and diluted for the three months ended September 30, 2008. The significant increase in net income for the quarter when compared to the same quarter of 2008 is attributable to the gain of $72,103,206 recorded on the disposition of one third of Sterling's 45% interest in the Breagh gas field and varying interests in the surrounding blocks comprising the Greater Breagh Area in the UK Southern North Sea. For the nine months ended September 30, 2009 net income was $66,935,434 or $0.51 per share basic and diluted was recorded compared with a loss of $51,441 or $0.00 loss per share - basic and diluted for the nine months ended September 30, 2008. Capital expenditures during the first nine months of 2009 were focused upon two major items: $13 million related to the completion and testing of the Breagh 42/13-5 and 5z wells in the UK Southern North Sea and $3.1 million related to the acquisition of high resolution seismic in the Romanian Black Sea.

Sterling Resources Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net cash provided by operating activities of CAD 1,109,307 and additions to petroleum and natural gas properties and equipment of CAD 3,100,439 compared to net cash provided by operating activities of CAD 597,636 and additions to petroleum and natural gas properties and equipment of CAD 29,273,700 for the same period of last year. For the nine months, the company reported net cash provided by operating activities of CAD 913,897 and additions to petroleum and natural gas properties and equipment of CAD 15,746,374 compared to net cash used in operating activities of CAD 593,941 and additions to petroleum and natural gas properties and equipment of CAD 40,921,748 for the same period of last year.

Sterling Resources Ltd. announced the commencement of an eight well exploration and appraisal program, covering several key assets, which is anticipated to be completed by mid 2010. This drilling program includes several high impact offshore wells, with rig tenders, long lead item purchases and necessary site surveys already in hand. The first well of a three well program is expected to spud in mid-November on the Craiova EIII-7 concession in onshore Romania. The commencement of this program follows the approval by the Romanian National Agency for Mineral Resources (ANRM) of the assignment of the 50% working interest from Midia Resources SRL (a wholly owned Romanian subsidiary of Sterling Resources Ltd.) to the TransAtlantic Romanian subsidiary (TransAtlantic Worldwide Romania SRL) and the procurement of all local and Government permits and certificates. Two wells are currently planned for the Greater Breagh Area in Quad 42 of the Southern North Sea in which Sterling holds a 30% interest. With drilling anticipated to start early in the second quarter of 2010, the Airidh and Macanta wells located to the south and east of the Breagh field respectively, will target the first potential satellite tiebacks to the developing Breagh infrastructure. A follow up well to the Cladhan discovery in the Northern North Sea is also planned for early in the second quarter of 2010. This new well is designed to provide additional information regarding the potential significant upside around the exciting discovery well which did not establish the full extent of the oil reservoir.