New Oil and Gas company in Romania

Bucharest Romania, 2 September 2015

Bucharest, Romania, 27 August 2015: Following the announcements made today by Sterling Resources Ltd. (“Sterling”) regarding Carlyle’s acquisition of Sterling’s Romanian business, we are pleased to introduce, Black Sea Oil & Gas SRL (“BSOG”) – formerly Midia Resources SRL.

The company’s portfolio is made up of three offshore blocks in the Romanian Black Sea totalling 5.000 km2 gross: XIII Pelican, XV Midia Shallow and EX-25 Luceafarul which contain the Ana, Doina, Luceafarul and Eugenia gas discoveries.

The team at BSOG look forward to working with all stakeholders in Romania, including National Agency for Mineral Resources, Environmental Protection Agency, the ministries, local authorities and communities, suppliers, consultants, contractors and the general public. In particular, the team is looking forward to overcoming the challenges faced in delivering offshore development in the Black Sea and to investigating new opportunities in Romania and the region.

For further information: visit www.blackseaog.com or contact:

Phone: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL