Groundstar Resources Announces New Oil Production In Canada
03 Dicembre 2013 - 12:00PM
Access Wire
CALGARY, December 3, 2013, Groundstar
Resources Limited. ("Groundstar", "the "Company", "we", "us", or
"our") (TSXV: GSA US: GRDSF
symbol) is pleased to announce that, pursuant to its
previously announced strategy to add production volumes
domestically, it is for the first time since incorporation
now operating and producing
hydrocarbons in North America. Groundstar
has drilled a successful oil well in
Saskatchewan and continuous oil production has commenced at the
3-13-45-26W3M well (the "3-13 well") which was directionally drilled to a total
depth of 740 meters into the Mannville formation. The well
encountered approximately 4 meters of pay with approximately 32%
porosity. In terms of net pay thickness, production and
optimization plan, and wellbore fluid levels, the 3-13 well
compares favorably to the best producer drilled to date in the
pool. The off-setting producer has cumulative production in excess
of 32,000(1) barrels during its first 14 months of production.
Further to Groundstar's press release dated November 13, 2013 and
its agreement with a mid-sized
Canadian exploration and production company to partner on a
high-netback, multi-well program in the Western Canadian
sedimentary basin, Groundstar has now participated in the drilling
of a shallow heavy oil well (0.425 net) to date in 2013 as part of
the program. Given the
encouraging results, the Company will continue to evaluate ongoing
development and resumption of drilling operations.
Groundstar also announces the appointment of Mr. Murray Stodalka as
a director of the Company. Mr. Stodalka is a
Professional Engineer with extensive senior management experience
in the oil and natural gas industry, and is Waldron Energy's
Executive Vice President, Engineering and Operations. Prior
thereto, he was the Vice President of Engineering and Operations of
Compton Petroleum Corporation and led a corporate strategy that
built that firm from a small private start-up to a founder of the
NYSE listed company with 32,500 boe/d. Previously, Mr. Stodalka
held senior technical positions with Pennzoil, Exxon USA and with
Texaco Canada. Mr. Stodalka holds a B.Sc. in Mechanical Engineering
from the University of Saskatchewan and has been
a member of
the Association of Professional
Engineers and Geoscientists of Alberta since 1982.
(1) IHS ACCUMAP. This is taken from
an independent source. The Company cannot verify that an
independent reserves evaluator prepared the information referenced
above.
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 diversified 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 is quoted and trades under the ticker
symbol "GSA" in Canada and "GRDSF" in the United States.
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 including expectations regarding the
company's drilling and exploration plans, estimates of reserves and
potential future production from analogous wells as well as
government and third party approvals relating thereto.
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. In addition, the appointment of a new
director of the Company is subject to certain regulatory approvals.
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.
Data obtained from the initial
testing results at the well(s) identified in this press release,
which may include barrels of oil produced and levels of water-cut,
should be considered to be preliminary until a further and detailed
analysis or interpretation has been done on such data. The well
test results obtained and disclosed in this press release are not
necessarily indicative of long-term performance or of ultimate
recovery. The reader is cautioned not to unduly rely on such
results as such results may not be indicative of future performance
of the well or of expected production results for the Company in
the future.
Contact Information:
Groundstar Resources
Limited, Suite 2300, 144 4th Avenue SW,
Calgary, Alberta T2P 3N4
www.groundstarresources.com
Chad Dust
403.608.6505 or 403.265.2549
cdust@groundstarresources.com
Tyron Pfeifer
403.614.9902
tpfeifer@groundstarresources.com
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