Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

September 14, 2012 19:29 ET

Groundstar Resources Limited Confirm New Directors and Appointment of COO

CALGARY, ALBERTA--(Marketwire - Sept. 14, 2012) -

NOT FOR DISSEMINATION IN THE U.S.A.

The board of directors of Groundstar Resources Limited (TSX VENTURE:GSA) (the "Company") are pleased to announce the appointment of Mr. Chad Dust as a director and Mr. Shabir Premji as a director of Groundstar Resources Limited. Mr. Ty Pfeifer has also been appointed as Chief Operating Officer. Mr. Pfeifer, B. Sc. is a geoscientist with more than 30 years of international and domestic oil and gas experience working as an explorationist. Mr. Pfeifer has functioned in public companies at executive and board levels in which the past several years of his career have been focused on business and corporate development. Mr. Dust, B. Comm. is an energy industry entrepreneur assisting companies in structuring transactions, accessing capital and working directly with the board and management; he has more than 12 years' experience in the exploration and production business. Mr. Premji, CA, has 35 years of experience in which his recent focus is on building teams, negotiations, and corporate governance. The appointment of the new directors and officer are subject to the approval of the TSX Venture Exchange.

The following have resigned from the Company: Mr. Kam Fard as President and Chief Executive Officer, Mr. Stuart McDowall (Director), Mr. Kenneth Taylor (Director), and Mr. David Johnson (Corporate Secretary). The Company would like to thank the outgoing members for their valuable contributions in the various roles and for serving as board members.

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
    Chad Dust
    403-975-6505 or 403-608-6505

    Groundstar Resources Limited
    Ty Pfeifer
    (403) 614 9902
    www.groundstarresources.com