Groundstar Corporate Update
08 Luglio 2013 - 2:11PM
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Calgary, July 8, 2013 - Groundstar
Resources Limited ("Groundstar" or the "Company") announces that it has closed
the acquisition of a 100% working interest in properties on two
light oil developments in the Western Canadian Sedimentary Basin.
The acquisitions are part of an orderly transition
of Groundstar which includes actively pursuing production
acquisitions and high netback lower risk drilling opportunities.
The production opportunities are characterized by long life, large
original oil in place reservoirs, light gravity crude oil and
access to existing production, transportation infrastructure and
market points. The Company has conducted extensive magnetic and
gravity work in a chosen area of focus and has subsequently
followed up with the acquisition of approximately 30 kilometers of
2D seismic data. Groundstar continues to develop it's drilling
inventory of high quality, medium and light oil drilling prospects
which can be exploited by conventional drilling and completion
methods. The Company has identified numerous, multi-zone targets in
the Leduc, Bakken, Devonian, Silurian and Ordivician horizons and
is making preparations for this year's drill program. Groundstar
currently has approximately $2.3 million cash on hand and 18.6
million shares outstanding.
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".
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This press
release may contain forward-looking statements within the meaning
of applicable securities laws. Forward-looking statements may
include estimates, plans, anticipations, expectations, opinions,
forecasts, projections, guidance or other similar statements that
are not statements of fact. 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 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
and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or
capital expenditures. 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.
Contact Information:
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|Groundstar Resources Limited|www.groundstarresources.com|
|--------------------------------------------------------|
|Chad Dust 403 608 6505 or |Tyron Pfeifer 403 614 9902|
|403 265 2549 | |
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Suite 2300, 144 4th Avenue SW
Calgary, Alberta T2P 3N4
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