CALGARY, Feb. 6, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or "the Company") announces details of its current financial position and its financing plans. Current financial position At the end of 2012, the Company had CAD 28.1 million of cash and cash equivalents on a group basis, including amounts restricted under the Breagh credit facility and Romanian JV accounts but excluding amounts still held in escrow relating to the drilling of wells in the first half of 2012. Early in January 2013, this was supplemented by the receipt of USD 12 million of loan proceeds from Vitol in accordance with the loan agreement signed on December 31, 2012 (as announced on January 8, 2013) and by USD 4.3 million from TAQA as the second part of proceeds for the sale of a 13.5 percent interest in the Cladhan field (as announced in April 2012). On a pro forma basis, reflecting these receipts and the transfer of some funds into the Equity Contribution Account ("ECA", an account restricted under the Breagh credit facility to be used for Breagh-related costs), the Company started 2013 with CAD 44.4 million of available funds, of which CAD 24.0 million was in the ECA, CAD 8.0 million was in other UK and Netherlands accounts (also largely restricted in an agreement reached with the lending banks, to be used for agreed technical and general and administrative costs), and CAD 12.3 million was in Canadian and Romanian accounts. The Company is deferring payment schedules with a number of key suppliers in order to extend available funds well into March, by which time the Company is confident it will have additional financing to fund the group through to mid 2013.