LGX Oil + Gas Inc ROAOF

Sheryl

[kolzee]

Mar 11, 2009 5:00:00 PM CALGARY, Mar 11, 2009 (Canada NewsWire via COMTEX News Network) -- Sterling Resources Ltd. ("Sterling "or "the Company") (TSX-V:SLG) Sterling is also pleased to announce that it has elected to take back operatorship for the Sheryl (Block 21/23a in the central North Sea) discovery in which Sterling holds a 35% interest. The project has been on hold, awaiting capacity in the Pict pipeline system, which is anticipated to be available in late 2009 or early 2010. Sheryl was originally drilled in 2006 and tested oil at a maximum rate of 1915 barrels of oil per day of 22 API gravity oil, although independent studies indicate the potential for up to 10,000 barrels of oil production per day from a high angle well with sand control and artificial lift. Following an initiative introduced by the UK Department of Energy and Climate Change (DECC), Sterling is pleased to report the potential for extending the deadline for twelve 24th Round Blocks until the 30th November 2009. One Block, 21/29d, will be relinquished on the original deadline of 31st March 2009. Stewart Gibson, Sterling's CEO, stated Operating Sheryl will enable us to give the discovery the due care and attention which it deserves including looking at other off-take options. We have developed good prospects in the 24th Round Licenses and the recent deadline extension provides us with the opportunity to continue farm out activity and incorporate the results of currently drilling wells in nearby blocks, especially in the area known as the Mid North Sea High." Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania and France. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG". << The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. >> Filer Profile No. 00002072