Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

November 22, 2011 17:01 ET

Groundstar Resources Provides Update on Qara Dagh, Kurdistan, Iraq

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2011) -

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

Groundstar Resources Limited (TSX VENTURE:GSA) is pleased to announce that it is joining with its partners, Niko Resources and Vast Resources, in proceeding at Qara Dagh, where site-preparation, engineering and logistics will be carried out in the first half of 2012. The QD-2 well is anticipated to spud in the second half of 2012. Groundstar and partners are also exploring all options including potential farm-out and joint venture opportunities.

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