GSA Groundstar Resources Ltd

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS. 


Groundstar Resources Limited (TSX VENTURE:GSA) ("Groundstar" or the "Company")
is pleased to announce that is has now closed the second tranche of its short
form prospectus offering by issuing an additional of 996,000 units at a price of
$0.20 per unit (the "Units") for total gross proceeds of approximately $200,000
(the " Closing"). Each Unit consists of one common share in the capital of the
Company (a "Common Share") and one half of one common share purchase warrant
("Warrant"). Each whole Warrant will entitle the holder thereof to purchase one
Common Share ("Warrant Share") at a price of $0.30 each at any time on or prior
to July 18, 2014. The short form prospectus offering was conducted on a
commercially reasonable effort basis through a syndicate of agents consisting of
PI Financial Corp. and Canaccord Genuity Corp. (collectively, the "Agents"). In
connection with the closing, The Agents' where granted 79,680 warrants
exercisable into Common Shares at a price of $0.30 at any time prior to July 18,
2014.The Company expects to use the net proceeds to further the exploration and
development activities of its oil and gas properties and for general corporate
purposes. The Units were issued pursuant to the Company's short form prospectus
dated December 19, 2012 (the "Prospectus"). A copy of the Prospectus is
available under the Company's profile on the SEDAR website at www.sedar.com. As
a result of the closings of the prospectus offering, the Company issued an
aggregate of 7,167,500 Units at $0.20 per Unit and 2,852,000 flow-through units
at $0.25 per flow-through unit, for aggregate gross proceeds of approximately
$2.2 million. 


The Company is also pleased to announce the appointment of Mr. Laurence Lee as a
director of the Company. Mr. Lee has 15 years of investment management, capital
markets, and resources industry experience and has assisted a number of
companies helping them grow, build value, and maintain and establish a market.
Mr. Lee has been active investing in early stage resource companies, most
recently, he was a Director of a Singapore based fund management firm, and was
special advisor to Gatehouse Capital Inc. and Redwood Asset Management. Prior to
this, he has held various positions at HSBC Securities and Raymond James Ltd.
Mr. Lee holds a Bachelor of Commerce degree in Finance and is a Certified
Investment Manager and Chartered Derivatives Market Specialist.


The Company also announces that it has granted 495,000 options to certain
directors, officers, employees and consultants at an exercise price of $0.20
pursuant to the Company's rolling Stock Option Plan. These options vest over a
24-month period, with a five year term to expiry. In addition, the Company
announces that it has closed the previously disclosed issuance of 453,333 Common
Shares at a deemed price of $0.375 as shares for debt with a former director of
the Company. 


This news release does not constitute an offer to sell or solicitation of an
offer to sell any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.


About Groundstar Resources Limited 

Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and
gas company with exposure to 7.3 million gross acres of resource assets. The
Company is actively growing a portfolio targeting producing oil and gas assets
with development opportunities and exploration upside. The Company's current
portfolio of resources assets provides both near term and longer term potential.
Groundstar trades under the ticker symbol "GSA".


This press release contains forward-looking statements within the meaning of
applicable securities laws, including expectations regarding the anticipated use
of proceeds from the Second Closing. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct. These
statements are subject to certain risks and uncertainties and may be based on
assumptions that could cause actual results to differ materially from those
anticipated or implied in the forward-looking statements. These risks include,
but are not limited to: the risks associated with the oil and gas industry (e.g.
operational risks in development, exploration and production; delays or changes
in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve and resource estimates; the uncertainty
of estimates and projections relating to production, costs and expenses and
health, safety and environmental risks), commodity price and exchange rate
fluctuation, uncertainties resulting from potential delays or changes in plans
with respect to exploration or development projects or capital expenditures and
uncertainties regarding the intended use of the net proceeds of the Second
Closing. The Company's forward-looking statements are expressly qualified in
their entirety by this cautionary statement. The forward-looking statements
contained in this press release are made as of the date hereof and the Company
undertakes no obligations to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Groundstar Resources Limited
Chad Dust
403 668 5547 or 403 608 6505


Groundstar Resources Limited
Tyron Pfeifer
403 614 9902
www.groundstarresources.com

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