CALGARY, Alberta, Aug. 01, 2017 (GLOBE NEWSWIRE) — Groundstar Resources Limited (TSXV:GSA) (“Groundstar” or the “Company”) announces that, further to its press release of July 12, 2017, the letter of intent (the “LOI”) to acquire certain oil and gas assets located in Rainbow Lake and Farrell, Alberta from a private Alberta company has lapsed in accordance with its terms and will not be extended. As such, the proposed transaction will not proceed at this time.
As a result of the termination of the LOI, the stock halt that was imposed by the regulatory authorities is anticipated to be lifted. Trading of the common shares in the capital of Groundstar is expected to resume at the opening of the markets on August 2, 2017.
About Groundstar Resources Limited
Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and gas company actively growing a portfolio targeting producing oil and gas assets with development opportunities and exploration upside. The Company’s current portfolio of resource assets provides both near term and longer term potential. Groundstar is quoted and trades under the ticker symbol “GSA” on the TSX Venture Exchange.
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 press release.