Groundstar Resources Corporate Update
13 3월 2014 - 7:30PM
Access Wire
CALGARY,
AB / ACCESSWIRE / March 13, 2014 / Groundstar Resources Limited.
("Groundstar", "the "Company", "we", "us", or "our") (TSXV: GSA US:
GRDSF) is pleased to announce the successful completion of the
second well in Saskatchewan of a multi-well drilling program. The
4-13-45-26 ( 4-13 ) W4 Mannville producer which was a follow up
well to the 3-13-45-26 W4 ( 3-13 ) location drilled in late 2013,
is currently producing 80 barrels of oil per day. Based upon the
performance of the 3-13 well, the 4-13 production volumes may be
increased. With a recent pump upsize at the 3-13 well, it is
anticipated Groundstar's combined net corporate production may be
approximately 80 to 100 boed.
The
company has also executed a one year secured debenture agreement
with an eastern US based institution "Credit Fund" LP for up to a
$10,000,000 debenture facility at 10 percent per annum. Closing of
any facility remains subject to changes and certain conditions of
the investor and borrower.
There can be no assurances that any
agreement will close. Recent work
in the Western Canadian Sedimentary Basin is part of an orderly
transition of Groundstar which includes a more balanced approach in
actively pursuing production acquisitions and high netback lower
risk drilling opportunities. The production acquisition
opportunities are characterized by long life, large original oil
and gas in place reservoirs with access to existing transportation,
infrastructure and market points.
The recent
acquisition and re-processing of a large 3D seismic program in
Alberta has resulted in the identification of several high impact
drilling targets which may be drilled after spring breakup. These
conventional, light oil and gas targets represent multi-zone
opportunities for high volume,
high quality reserve development in areas of existing
infrastructure and market access. Groundstar has approximately $2.0
million of working capital on hand and will file quarterly
financial results at the end of March.
About Groundstar Resources
Limited
Incorporated in 1968, Groundstar Resources
Limited is a diversified publicly traded oil and gas company with
oil production and exposure to 7.3 million gross acres of resource
assets. The Company is actively growing a portfolio targeting
producing oil and gas assets with development opportunities and
exploration upside. The Company's current portfolio of assets
provides both near term and longer term potential. Groundstar is
quoted and trades under the ticker symbol "GSA" in Canada and
"GRDSF" in the United States.
This news
release does not constitute an offer to sell or solicitation of an
offer to sell any of the securities in the United States. The
securities have not been and will not be registered under the
United States Securities
Act of 1933, as
amended (the "U.S.
Securities Act") or
any state securities laws and
may not be
offered or sold
within the United States
or to U.S.
Persons unless registered under
the U.S. Securities Act and
applicable state securities laws or
an exemption from such
registration is available.
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. This press release
may contain forward-looking statements within the
meaning of applicable securities laws including expectations
regarding the receipt of the company's drilling and exploration
plans and government and third party approvals relating thereto and
expectation regarding the closing of the credit facility and the
quantum and availability of funds.
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.
Contact Information:
Groundstar Resources Limited
www.groundstarresources.com
Suite 2300, 144 4th Avenue SW
Calgary, Alberta T2P 3N4
Chad Dust
403.608.6505 or
403.265.2549
cdust@groundstarresources.com
Tyron Pfeifer
403.614.9902
tpfeifer@groundstarresources.com
NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE
SERVICES OR FOR DISSEMINATION TO THE U.S.A.
Groundstar Resources Limited (TSXV:GSA)
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