CALGARY, ALBERTA--(Marketwire - Sept. 27, 2012) -

NOT FOR DISSEMINATION IN THE U.S.A.

Groundstar Resources Limited (News - Market indicators) (the "Company") is pleased to announce that it has filed with the Canadian securities regulatory authorities its unaudited interim financial statements and its management's discussion and analysis as at and for the three months ended July 31, 2012. Copies of the filed documents may be obtained on the Company's profile through www.sedar.com. The Company has also mailed a notice of meeting, management information circular (the "Information Circular") and related documents to its shareholders (the "Shareholders") in connection with the annual general and special meeting of Shareholders to be held at 2:30 p.m. (Calgary time) on October 16, 2012 (the "Meeting"). The Company also announces that it has agreed to issue a total of 6,800,000 common shares in the capital of the Company at a deemed price of $0.025 per share as payment for a financial obligation. The issuance of such shares is subject to the approval of the TSX Venture Exchange.

In addition, the Company wishes to confirm details with respect to its previously issued press release dated September 14, 2012. Prior to that date, the Board of Directors of the Company was comprised of Messrs. Kam Fard, Stuart McDowall, Darryl Raymaker and Kenneth Taylor. On September 14, 2012, Messrs. McDowall and Taylor resigned as members of the Board of Directors and were replaced with Chad Dust and Shabir Premji. As a result, the Board of Directors of the Company is currently comprised of Kam Fard, Darryl Raymaker, Chad Dust and Shabir Premji. In addition, on this same date, Mr. Fard resigned from his position as President and Chief Executive Officer, Mr. David Johnson resigned from his position as Corporate Secretary, Mr. Tyron Pfeifer was appointed as Chief Operating Officer and Mr. Peter Yates was appointed as Corporate Secretary. Darryl Raymaker remains as Chief Financial Officer. As a result, the current composition of the management team is as follows: Darryl Raymaker (Chief Financial Officer) and Tyron Pfeifer (Chief Operating Officer), with Peter Yates in the non-managerial position of Corporate Secretary. At the Meeting, shareholders of the Company will be asked to vote on a slate of directors comprised of Chad Dust, Shabir Premji and Tyron Pfeifer. Messrs. Fard and Raymaker will not be standing for election as members of the Board of Directors at the Meeting and will therefore cease to be Directors at the conclusion of the Meeting. None of the nominees for the Board of Directors at the Meeting were members of the Board of Directors prior to September 14, 2012.

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. More particularly, this press release contains statements concerning the timing of the annual general and special meeting of shareholders of the Company and the anticipated results therefrom, in addition to expectations concerning the receipt of regulatory approval for certain corporate actions. 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.