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.
Groundstar Resources Limited www.groundstarresources.com
403 608 6505 or 403 265 2549
403 614 9902
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.