9:20 | 13.07.2015
Groundstar Resources Limited Provides Corporate Update
CALGARY, ALBERTA–(Marketwired – July 13, 2015) –
NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE SERVICES OR FOR DISSEMINATION TO THE U.S.A.
Groundstar Resources Limited (“Groundstar” or the “Company”) (TSX VENTURE:GSA) is pleased to provide an update with respect to the ongoing restructuring of the Company. The Company has recently retained two consultants, being a geologist and an engineer, to assist the Company with its ongoing initiatives and growing the production and reserves of the Company on a go forward basis.
Production Update and Reserves Report
With production rates at Neilburg remaining steady at 110 barrels of oil per day net to the Company, Groundstar is pleased to announce that it is currently licencing a new drilling location at 2-13-45-26 W3. This low risk, development location is a result of the Company’s recent mineral leasing activities in the area. The well is expected to drill in early August.
The Company is also pleased to announce that it has received a report regarding its reserves from its independent reserves evaluator, Sproule Associates Ltd. (“Sproule”) for all of the Company’s properties effective April 30, 2015 (the “Sproule Report”). These estimates were prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the full reserves information is expected to be included in the Company’s annual information form, which will be available under the Company’s profile on SEDAR at www.sedar.com once filed. This is expected to occur at approximately the same time as when the Company files its yearend financial statements.
The following tables summarize the Company’s gross and net interests in proved and probable reserves at April 30, 2015 using the Sproule April 1, 2015 forecast prices and cost assumptions.
(Mbbl) (Mbbl) (Mmcf) (Mmcf) (Mboe) (Mboe)
1. Numbers in this table are subject to rounding.
The following table summarizes Groundstar’s share of the net present value of future net revenue attributable to its reserves before taxes but prior to the provision for interest and general and administrative expenses:
(M$) (M$) (M$) (M$)
1. Gross reserves are the Company’s total interest share before the
Annual General Meeting
In addition, the Company has received a requisition for a shareholders meeting from a former consultant of the Company. As the Company is required to hold a shareholders meeting in each calendar year in accordance with the policies of the TSX Venture Exchange and since holding an additional shareholders meeting will impose unnecessary expenses on the Company during a period of rebuilding, the Company has determined that it is in its best interests to hold the shareholders meeting in conjunction with its annual general meeting which would normally occur in January. As such, the Company has set January 13, 2016 as the date for the next meeting of shareholders, with a record date set for December 16, 2015.
Lastly, Groundstar announces that it has issued 600,000 stock options to its directors and executive officer at an exercise price of $0.05 pursuant to the Company’s rolling Stock Option Plan. These options vest over a 24-month period, with a five year term to expiry.
About Groundstar Resources Limited
Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and gas company actively growing a portfolio targeting producing oil and gas assets with development opportunities and exploration upside. The Company’s current portfolio of resource assets provides both near term and longer term potential. Groundstar is quoted and trades under the ticker symbol “GSA” on the TSX Venture Exchange.
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 press release.
This press release contains forward-looking statements within the meaning of applicable securities laws, including expectations regarding the holding of its next shareholders meeting and the associated timing thereof and expectations regarding the timing of drilling on the Company’s properties. 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 and resource 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, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Groundstar Resources Limited
Groundstar Resources Limited
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