Sterling Resources Announces Second Quarter Operating and Financial Results

Sterling Resources Announces Second Quarter Operating and Financial Results PR Newswire CALGARY, Alberta, August 21, 2012 CALGARY, Alberta, August 21, 2012 /PRNewswire/ -- Sterling Resources Ltd. (TSX-V:SLG)("Sterling" or the "Company") an international oil and gas company with exploration and development assets in the United Kingdom, Romania, France and the Netherlands announces interim operating and financial results for the quarter ended June 30th, 2012. Unless otherwise noted all figures contained in this report are denominated in Canadian dollars. HIGHLIGHTS Sale of 13.5 percent interest in Cladhan field sold to TAQA Bratani Limited ("TAQA") for initial consideration of US$47 million; Breagh development drilling program underway with two previously suspended wells redrilled and a third new well underway; 50 percent interest obtained in the XXV Luceafarul Block offshore Romania; Reduction of the liquidity threshold required under the Breagh loan agreement from £35 million to £20 million; and Breagh development moving forward with total project cost now estimated at £623 million (100 percent) and production targeted to commence in December 2012. The net loss for the quarter ended June 30, 2012 was $7.0 million ($0.03 per share - basic and diluted) compared to a loss of $13.4 million ($0.07 per share - basic and diluted) for the three months ended June 30, 2011. During the second quarter of 2011 bad debt expense of $6.