Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

April 03, 2015 22:25 ET

Groundstar Resources Limited Provides Corporate Update

CALGARY, ALBERTA--(Marketwired - April 3, 2015) -

NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE SERVICES OR FOR DISSEMINATION TO THE U.S.A.

Groundstar Resources Limited. (the "Company") (TSX VENTURE:GSA) today provides its bi-weekly update to its news release of March 20, 2015 pursuant to the requirements of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") that its unaudited financial report, CEO and CFO certifications, and management discussion & analysis (the "Interim Filings") for the nine month period ended January 31, 2015 were not released as required on April 1, 2015 for the reasons given in our March 20, 2015 news release (the "Default Notice"). On April 2, 2015, the Company's principal regulator, the Alberta Securities Commission, issued a management cease trade order (the "MCTO") which restricts all trading in securities of the Corporation, whether direct or indirect, by management and insiders of the Company. The issuance of an MCTO generally does not affect the ability of persons who are not directors, officers or insiders of the issuer to trade in their securities.

The Company's board of directors and its management confirm that they are working expeditiously to meet the Company's obligations relating to the filing of the Interim Filings and expect to have them filed on or about Monday, April 6, 2015.

Until the Interim Filings have been filed, the Company intends to continue to provide updates in accordance with NP 12-203 with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as the Interim Filings are completed.

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.

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 press release.

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