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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.