Sterling Strengthens Management

Sterling announced that Mark Beacom has joined the Company effective October 13th, as Vice President and General Manager, Romania. Concurrently Stephen Birrell, who formerly held this role in Romania, has been appointed as Vice President and General Manager, Netherlands and France.

Mr. Beacom is a highly experienced and respected international oil and gas executive. During the past 26 years, he has held increasingly senior operational leadership and managerial positions in a number of companies, both public and private. Since 2006, he has served as President of Carthage Energy, a privately owned company providing advisory services to the international energy sector and has been leading an initiative to establish a hydro development company, Carthage Hydro Limited, in South-eastern Europe.

Previous to his involvement with Carthage Energy, he served as Vice President, Joint Venture Operations for Petrokazakhstan Inc. until the takeover of the company in 2005. Mr. Beacom holds a Bachelor of Science degree (Honours) in Mechanical Engineering from Queens University in Kingston, Ontario and a Master of Business Administration degree from the London Business School in the UK. He is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA).

The Board of Directors has awarded stock options to Mr. Beacom to acquire 400,000 common shares at an exercise price of $3.18 per share. The options are exercisable for up to a five-year term and shall vest over three years from the date of grant.

Mr. Birrell joined Sterling in 2005 and is a petroleum geoscientist with 25 years of technical and management experience in the international oil and gas industry including exploration, field appraisal, development and acquisition and divestment activities.

"These appointments reflect the important and ongoing changes in Sterling's growing asset base," stated Mike Azancot, Sterling's President and CEO. "We welcome Mark to the Company as we continue with our plans for production and further exploration in Romania. He takes over from Stephen who has been instrumental in building our Romanian business. I am delighted that Stephen will now be taking charge of Sterling's new business in France and the creation of new growth opportunities in the Netherlands," added Mr. Azancot.