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Groundstar Resources Limited Announces Relinquishment of Qara Dagh Block in Kurdistan
Published : November 15, 2012
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Keywords :   Iraq | Market | Oil |

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) -

NOT FOR DISSEMINATION IN THE U.S.A

Groundstar Resources Limited (News - Market indicators) announces that, along with its consortium partners Niko Resources Ltd. and Vast Exploration Inc., it has entered into a relinquishment and termination agreement (the "Relinquishment Agreement") with the Kurdistan Regional Government ("KRG") to surrender their collective interests in the Qara Dagh Block located in the Kurdistan Region of Iraq. Groundstar acquired a working interest in the block under a production sharing agreement. The consortium drilled an exploration well, which was not commercially successful. Pursuant to the Relinquishment Agreement, and after settlement of all outstanding expenses, Groundstar expects to recover a net amount of $1.3 Million USD.

About Groundstar Resources Limited

Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and gas company with exposure to 7.3 million gross acres of resources actively growing a portfolio of working interests targeting oil and gas producing assets with appraisal and development opportunities and exploration upside. Groundstar trades under the ticker symbol "GSA" and currently has 5.9 million Common Shares outstanding.

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.

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.

Groundstar Resources Limited
Chad Dust
403 608 6505 or 403 975 6505
or
Groundstar Resources Limited
Tyron Pfeifer
403 614 9902
www.groundstarresources.com
Companies Mentionned : Government | Groundstar |
Data and Statistics for these countries : Iraq | All
Gold and Silver Prices for these countries : Iraq | All

Groundstar Resources Ltd.

CODE : GSA.V
ISIN : CA3999002080
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Groundstar is an exploration company based in Canada.

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Financings of Groundstar Resources Ltd.
5/29/2009Closing of Non-Brokered Financing
5/7/2009Announces Non-Brokered Financing
7/17/2008Withdraws Private Placement Offering
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Option Grants of Groundstar Resources Ltd.
5/29/2009Announces Granting of Incentive Stock Options
Nominations of Groundstar Resources Ltd.
9/14/2012Confirm New Directors and Appointment of COO
7/18/2008Appoints New Director and Grants Incentive Options
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11/28/2010article on Groundstar Resources
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11/24/2014Oil industry swashbucklers hit by war, disease and shale boo...
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12/24/2012Corporate Update News Release
11/30/2012Announces Prospectus Offering of Units and Flow-Through Unit...
11/15/2012Announces Relinquishment of Qara Dagh Block in Kurdistan
10/29/2012Update
8/19/2011News Release
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1/4/2011News Release
12/13/2010News Release
11/12/2010Provides Corporate and Operation Update
6/30/2009Completes Seismic Acquisition
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1/27/2009Completes 2D Seismic Acquisition
9/16/2008Announces Commencement of West Kom Ombo Seismic Program
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