Groundstar Resources Limited

Groundstar Resources Limited

September 14, 2011 17:30 ET

Groundstar Resources Announces Commencement of a 3 Year Exploration Period Extension for the West Kom Ombo Concession in Upper Egypt

CALGARY, ALBERTA--(Marketwire - Sept. 14, 2011) -


Groundstar Resources Limited (TSX VENTURE:GSA) is pleased to announce that the operator, Aegean Energy Egypt Limited, a subsidiary of Energean Oil and Gas, has entered the second Exploration Extension in West Kom Ombo, with an exploration period of 3 years ending September 16, 2014. Groundstar has a 10% working interest in this block that is carried by Aegean.

A high resolution aeromagnetic survey over the entire concession is scheduled to commence shortly. The purpose of this survey is to identify potential prospective areas in this vast concession. Based on the aeromagnetic survey results, a 2D seismic program will be embarked upon, to identify exploration drilling targets for this period. The minimum work commitment for this phase is drilling of 2 exploration wells with a total financial commitment of US$5.00 million.

About Groundstar Resources Limited

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

About Energean Oil & Gas

Energean Oil & Gas is a private international upstream oil and gas exploration and production company with a Mediterranean and North African Basin focus with oil and gas operated assets in Greece and Egypt. Energean Oil & Gas operates the offshore East Magawish concession in the Gulf of Suez and is the operator of West Kom Ombo Block. For further information about Energean Oil & Gas please visit

This press release may contain forward-looking statements within the meaning of applicable securities laws. 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.

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.

Contact Information

  • Groundstar Resources Limited
    Kam Fard
    President & CEO
    (403) 265-2549

    Groundstar Resources Limited
    David Johnson
    Corporate Secretary
    (403) 265-2549