Sterling Resources Announces Agreement with Significant Shareholders to Support Ongoing Growth as a Public Company

Sterling Resources Announces Agreement with Significant Shareholders to 
Support Ongoing Growth as a Public Company 
CALGARY, May 13, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" 
or the "Company") is pleased to announce that it has reached agreement with 
several of its largest shareholders, including Vitol Energy (Bermuda) Limited 
("Vitol Bermuda"), Meridian Capital International Fund, YF Finance Limited and 
Waterford Finance and Investment Limited, collectively representing 
approximately 39 percent of the issued and outstanding common shares of the 
Company (the "Common Shares"), to support the ongoing growth of Sterling as a 
public company. 
As part of this agreement, Sterling will propose for election at the Company's 
annual general and special meeting of shareholders to be held on June 11, 2013 
(the "Meeting") two new members to the board of directors with significant 
leadership, expertise and experience in the energy industry. In addition, 
Vitol Anker International B.V. ("Vitol Anker"), an affiliate of Vitol Bermuda, 
has confirmed that it has abandoned its previously announced intention to make 
a take-over bid for Sterling's Common Shares. 
New Proposed Directors and Retirement of Certain Existing Directors 
As part of a revitalization of Sterling initiated pursuant to the strategic 
review undertaken by a special committee of the board of directors of Sterling 
(the "Special Committee"), partially in response to Vitol's earlier proposal 
to make a take-over bid for Sterling's Common Shares, Sterling will propose 
for election Mr. Jacob S. Ulrich and Mr. James H. Coleman, Q.C. as members of 
its board. If elected by Sterling's shareholders, it is anticipated that Mr. 
Ulrich will serve as Chairman. 
Mr. Jacob S. Ulrich is an independent energy advisor who from 2008 to 2011 was 
the senior energy advisor for Och-Ziff Capital Management Group in London, 
responsible for developing Och-Ziff's portfolio of upstream, renewable and 
infrastructure investments in the European Union, Africa, the former Soviet 
Union and the Middle East. Mr. Ulrich was Managing Director of Centrica 
Energy Group from 1997 to 2008, responsible for the development and operations 
of upstream gas and power generation assets, procurement for British Gas 
Retail and British Gas Business, trading and upstream/midstream business 
development. Mr. Ulrich holds a Bachelor of Science in Engineering 
degree and a Masters of Business Administration degree. 
Mr. James H. Coleman, Q.C. is a senior partner with the law firm of Norton 
Rose Canada LLP (previously Macleod Dixon LLP). Mr. Coleman has been 
involved in banking, corporate, securities, mining and oil and gas 
transactions in Canada, the United States, Europe, Central and South America, 
Africa and Asia. He has also been involved in a number of large divestments 
and acquisitions, corporate reorganizations and major financings within the 
energy sector. As a director of a number of public companies, including 
mining and oil and gas companies, Mr. Coleman has chaired various independent 
committees of public companies relating to corporate, governance and 
securities matters. Mr. Coleman holds an LL.B. and a Bachelor of Business 
Administration degree. 
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. 
The Company would like to express its profound thanks and gratitude to its 
retiring board members for their service and dedication to the Company and its 
shareholders during the course of their tenure. In particular, the Company 
would like to acknowledge Mr. DeBoni's and Mr. Phipps' contributions to the 
Special Committee over the past several months and their invaluable role in 
the Company's strategic review and ongoing business strategy. 
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." 
Vitol Anker Confirms Abandonment of Proposed Take-Over of the Company 
In connection with the proposed board restructuring, Vitol Anker has confirmed 
that it has abandoned its previously announced intention to make a take-over 
bid for Sterling's Common Shares. 
Sterling 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 Common Shares are listed and posted for trading on the TSX-V 
under the symbol "SLG". 
Neither the TSX-V nor its Regulation Services Provider (as that term is 
defined in the policies of the TSX-V) 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. 
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 
law. 
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. 
For further information: visitwww.sterling-resources.com or contact: 
Mike Azancot, President and Chief Executive Officer, Phone:  44-20-3008-8488, 
Mobile: 44-7740-432883,mike.azancot@sterling-resources.com 
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile:  
44-7771-740804,david.blewden@sterling-resources.com 
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403)  
215-9265, Mobile: (403) 519-3912,george.kesteven@sterling-resources.com 
SOURCE: Sterling Resources Ltd. 
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CO: Sterling Resources Ltd.
ST: Alberta
NI: OIL  
-0- May/13/2013 06:00 GMT
 
 
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