Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

October 05, 2015 14:11 ET

Groundstar Resources Limited Provides Corporate Update

CALGARY, ALBERTA--(Marketwired - Oct. 5, 2015) -

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Groundstar Resources Limited ("Groundstar" or the "Company") (TSX VENTURE:GSA) is pleased to announce that it has filed its unaudited interim financial statements and accompanying Management's Discussion and Analysis for the three month period ended July 31, 2015. These statements are available on the Company's SEDAR profile at www.sedar.com.

As previously disclosed, as a result of the remedial accounting efforts completed by the Company in connection with the change in management which took place during Fiscal 2015, various misstatements were discovered in the Company's previously filed unaudited interim financial statements for the first three quarters of the year ended April 30, 2015. The comparable quarterly figures for the three month period ended July 31, 2014 disclosed in the financial statements and accompanying Management Discussion and Analysis for the three month period ended July 31, 2015 have been updated and corrected and the statements include an explanatory note for the adjustments made.

As a result of the fact that the financial statements and accompanying Management's Discussion and Analysis for the year ended April 30, 2015 were not filed on or prior to the deadline, the securities commissions in the jurisdictions where the Company is a reporting issuer implemented a cease trade order on the Company's common shares until such time as the Company filed its annual financial statements and applied for a revocation of the cease trade order. As the Company is now current with its continuous disclosure filings, it intends to apply for a revocation of the cease trade order and will seek the relisting of its common shares on the facilities of the TSX Venture Exchange. Further particulars will be provided in due course.

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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