Groundstar Resources Limited Enters Agreement and Update
November 13 2013 - 6:00AM
Access Wire
CALGARY, November 13,
2013; Groundstar Resources Limited. ("Groundstar", "the "Company",
"we", "us", or "our" ) (TSXV: GSA US:GRDSF symbol) is pleased to
announce that it has entered into an 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 "WCSB". Pursuant
to the agreement the oil focused program will commence immediately
and primarily target the Manville formation. Groundstar shall have
the option to participate in additional wells that would rig
release prior to December 31, 2014. Groundstar has also added a prospect area whereby thirteen square miles of 3D seismic
coverage has provided analogous coverage for multiple high impact
drillable targets identified within the 3D data set.
Groundstar continues to focus on
growth through development of lower risk
mitigated drilling opportunities in areas of existing production,
transportation, and infrastructure and market points and expects to
commence additional joint ventures in the next few weeks targeting
oil developments in the WCSB and Williston Basin.
The company has now cancelled 547,000 common shares
in the capital of the company with the normal course issuer
bid. The Company has agreed to issue 190,000
shares of the Company ("Common Shares") as shares for service and
debt agreements at a price of $0.18 per share. The issuance of
Common Shares by the Company is subject to a hold period and
approvals of the TSX Venture Exchange.
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 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
receipt of the company's drilling and exploration plans and
government and third party approvals relating thereto and to
possible equity issuances. 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:
Groundstar Resources Limited
www.groundstarresources.com
Chad Dust
403 608 6505 or 403 265 2549
cdust@groundstarresources.com
Tyron Pfeifer
403 614 9902
tpfeifer@groundstarresources.com
Suite 2300, 144 4th Avenue SW
Calgary, Alberta T2P 3N4
NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE SERVICES
OR FOR DISSEMINATION TO THE U.S.A.
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