Groundsar Resources Ltd
International exploration and production of Oil & Gas.
Groundstar Resources Ltd. Calgary, Alberta, (GSA-TSX Venture); is a publicly traded Calgary based junior oil and gas company actively pursuing international exploration and production opportunities.
The present company was re-staffed and refinanced in November 2004. With its senior Board of Directors and a very experienced team of professionals, the company will explore, evaluate and capitalize on oil and gas properties in South American, the Middle East and North Africa. The primary objective is to create shareholder value through the acquisition and development of world class assets in underdeveloped basins.
Management is supremely confident that Groundstar's size, level of collective experience and exploration acumen will provide significant opportunities for growth that have been overlooked or underexplored by major international companies
Groundstar Resources - A New Beginning
Groundstar Resources Ltd. is a publicly traded Canadian based junior oil and gas company actively pursuing international exploration and production opportunities. The present company was refinanced and restaffed in November 2004.
A Junior Company... A Seriously Senior Board
Very few junior companies are launched with such a senior management team at the helm. Collectively, Groundstar's managers and officers have in excess of 192 years of oil & gas experience - most notably in Libya. These are highly successful individuals with proven track records both in the field and the boardroom.
But more than a group of seasoned professionals, they are former colleagues - many having worked together on other projects in various countries, particularly North Africa. Today, they operate under a single banner; their prior working relationships a major factor in achieving maximum efficiency, effectiveness and productivity in a highly competitive industry.
Committed to Growth
Groundstar's commitment is to offer investors the opportunity to acquire stock in an emerging company - its most solid asset, a competent board of directors. By directing this group's core competencies to the challenge, Groundstar intends to grow shareholder value through the acquisition, development and production of economically viable properties in Africa, and South America.
Guyana, Takutu Basin PPL
Groundstar has obtained a farm-in partner for the Takutu Basin. The fiscal terms for the Farm-in Agreement have been finalized in which the Farmee will pay 100% of all exploration expenses up to US$ 12 million to earn an undivided 55% working interest in the block. The Farm-in Agreement will lead to the drilling of a minimum of two exploratory wells. Groundstar has started community consultation and environmental impact management studies and is procuring drilling and tubular services.
Africa: Upper Egypt
The Republic of Egypt, approximately 1 million square kilometers in area and with a population of about 80 million, is considered to be one of the most stable countries in Africa. The official language is Arabic with English and French being widely understood. Egypt's GNP is derived from agriculture 17%, industry (including oil and gas) 33%, and services (including tourism) 50%. Cairo is the administrative capital of Egypt.
Groundstar has been awarded exploration, development and production of petroleum for Blocks XIV and XVI in Syria. The contracts have been endorsed by the Minister of Petroleum and Mineral Resources representing the Government of the Syrian Arab Republic. These blocks are immediately adjacent to blocks XIII and XV operated by Shell.
As a member of a consortium operated by Niko Resources, Groundstar has entered into its first Production Sharing Contract ("PSC") with the Kurdistan Regional Government ("KRG" or "Government") for the exploration, development and production of petroleum resources in the 846 square kilometre Qara Dagh Block in Sulaymaniyah governorate of the Federal Region of Kurdistan – Iraq.