Sterling Resources Announces Senior Management Change

CALGARY, Aug. 31, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") announces that the Chief Financial Officer, David Blewden, will be departing the company at the end of August 2016. This change is part of a broader corporate reorganization detailed in the recent second quarter report.  Mr. Blewden was instrumental in successfully completing the recent recapitalization process and we thank him for his significant contribution to Sterling over several very difficult years for Sterling.

The Company is pleased to announce the appointment of Christine Shinnie to the role of Chief Financial Officer.  Ms. Shinnie has worked with the Company for 10 years and is currently Financial Controller of Sterling Resources (UK) Ltd. and a Director of Sterling Resources (UK) Ltd.  She is a CIMA (UK) qualified accountant with over 20 years of experience in the upstream oil and gas sector in a broad spectrum of financial management.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company whose registered office is in Calgary, Alberta with assets in the United Kingdom and the Netherlands.  The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Forward-Looking Statements

All statements included in this news release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements.  In particular, this news release contains forward-looking statements with respect to expected future development activity, hydrocarbon production, seismic interpretation, capital expenditures, availability of finance, and reductions in staff numbers and in general and administrative costs.  

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 news 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 news 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 news release should not be used for purposes other than for which it is disclosed herein.

SOURCE Sterling Resources Ltd.

visit www.sterling-resources.com or contact: Jake Ulrich, Chair of the Board, Phone: [phone], [email protected]; John Rapach, Chief Executive Officer, Phone: [phone], [email protected]; Tracy Lessard, Corporate Secretary, Phone: [phone], [email protected]