Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

October 04, 2011 16:36 ET

Groundstar Resources Announces Commencement of the Acquisition of A High Resolution Aeromagnetic Survey Over the West Kom Ombo Block in Upper Egypt

CALGARY, ALBERTA--(Marketwire - Oct. 4, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Groundstar Resources (TSX VENTURE:GSA) is pleased to announce that Aegean Energy Egypt Limited (subsidiary of Energean Oil & Gas SA), the Operator of the West Kom Ombo block in Upper Egypt, has commenced a high resolution aeromagnetic survey over the block on October 1, 2011. The data acquisition of 20,000 line kilometers over the 31,520 square kilometer block is expected to be completed by the end of October to be followed by processing and interpretation. The primary purpose of the survey is to identify prospective areas for further exploration and drilling in the next exploration phase.

The work commitment of the next exploration phase is to drill two wells prior to September 16, 2014. Groundstar is carried for a net 10% working interest.

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

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.

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

Contact Information

  • Groundstar Resources Limited
    Kam Fard
    President
    (403) 265-2549
    kfard@groundstarresources.com

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