Groundstar Resources Limited

Groundstar Resources Limited

October 07, 2009 09:16 ET

Groundstar Resources Limited: South Malak #1 Wildcat Still Drilling

CALGARY, ALBERTA--(Marketwire - Oct. 7, 2009) - Groundstar Resources Limited (TSX VENTURE:GSA) ("Groundstar" or the "Company") wishes to announce that the South Malak #1 well, currently drilling on the West Esh El Mellaha block in the Gulf of Suez, has encountered thicker than expected Miocene Rudeis and Nukhul sections. The well is at 9,760 feet in the Lower Nukhul, below the original total depth prognosis of 9,043 feet. It is now expected the well will be drilled to approximately 10,700 feet. The potential sandstone reservoirs of the pre-Miocene Matulla and Nubian have yet to be penetrated.

Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in the Middle East, North Africa and South America.

FORWARD LOOKING STATEMENTS: All statements in this news release that are forward looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove accurate; actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

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