Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

February 03, 2015 08:54 ET

Groundstar Resources Limited Announces Completion of Acquisition at Morinville

CALGARY, ALBERTA--(Marketwired - Feb. 3, 2015) -

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Groundstar Resources Limited (TSX VENTURE:GSA) (the "Company") is pleased to announce that it has completed an acquisition of petroleum and natural gas leases from an arm's length private company in the Morinville area of Alberta. The total purchase price was $51,625, payable through a combination of cash in the amount of $30,000 and 375,000 common shares in the capital of the Company. In addition, the acquisition agreement contemplates the issuance of 375,000 additional common shares in the capital of the Company upon a minimum level of production from the leased lands being met, consisting of at least 50 barrels of oil per day over a 90 day production test on the first well on the lands during the term of the leases.

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.

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