Groundstar Resources Limited Files Quarterly and Annual Financial Results and Management Discussion & Analysis and Update
29 Août 2013 - 9:59AM
Access Wire
CALGARY, August 29,
2013; Groundstar Resources Limited. ("Groundstar", "the "Company",
"we", "us", or "our") (TSXV: GSA) is pleased to announce that it
has filed with the Canadian securities authorities its audited
financial statements and management's discussion and analysis for
the period ended April 30, 2013. Copies of the filed documents may
be obtained through the company's profile www.sedar.com
Highlights and
Update
As at
April 30, 2013 $1.2 million cash, plus relinquished Kurdistan
assets proceeds for a total of $2.2-million to finance E&P
activities and general operations that meet Groundstar's corporate growth
strategy.
Western Canadian Sedimentary
Basin
Recent work in the Western Canadian
Sedimentary Basin is part of an orderly transition of Groundstar
which includes a more balanced approach actively pursuing
production acquisitions and high netback lower risk drilling
opportunities. The production opportunities are characterized by
long life, large original oil in place reservoirs, crude oil and
gas with access to existing production, transportation
infrastructure and market points. The Company has also conducted
extensive magnetic and gravity work in a chosen
area of focus and has subsequently followed up with the acquisition
of approximately 30 kilometers of 2D seismic data. Groundstar
continues to develop it's drilling inventory of high quality,
medium and light oil drilling prospects which can be exploited by
conventional drilling and completion methods
Selected Financial
Data
----------------------------------------------------------
|The twelve month periods |2013 |2012 |
|ended April 30, 2013 | | |
| | | |
| | | |
| | | |
|--------------------------------------------------------|
|Increase (decrease) in cash| | |
| | | |
| | | $ |
| | |(1,725,744) |
| |$ | |
| |512,504 | |
|--------------------------------------------------------|
|Financing activities | | |
| |$1,862,282 |$474,986 |
| | | |
| | | |
| | | |
|--------------------------------------------------------|
|Share Capital |$19,950,145 |$17,845,698 |
|--------------------------------------------------------|
|Contributed Surplus |11,100,182 | |
| | |10,967,748 |
|--------------------------------------------------------|
|Total assets |4,377,850 |8,227,571 |
|--------------------------------------------------------|
|Net loss |( 6,431,127)| |
| | |(8,709,616 ) |
|--------------------------------------------------------|
|Net loss per share – |(0. 64) | (1.68 )|
|basic and diluted | | |
|--------------------------------------------------------|
| | | |
----------------------------------------------------------
Outlook and Update
During fiscal 2013, the Corporation
decided to dispose of its interest in the Qara-Dagh Block located
in Kurdistan.
In Alberta and
Saskatchewan, the Company will be conducting geophysical work
programs to add drilling locations predicated
upon successful results, it is anticipated drilling will commence
later this year. Additionally, the Company continues to evaluate
production acquisition opportunities which fit Groundstar's go
forward corporate growth strategy. The
Company has issued 559,996 common shares in the capital of the
Company ("Common Shares") at a price of $0.15 per share and 100,000
at $0.25 per share pursuant to shares for settlement agreements.
Any Common Shares issued were subject to a four month hold period
from the date of issuance in accordance with applicable securities
laws. The issuance of Common Shares by the Company is subject to
approvals of the TSX Venture Exchange.
This news release
does not constitute an offer to sell or solicitation of an offer to
sell any of the securities in the United States. The securities
have not been and will not be registered under the United
States Securities Act of 1933,
as amended (the
"U.S. Securities
Act") or any state securities laws and may not
be offered or sold within
the United States or to
U.S. Persons
unless registered
under the U.S.
Securities Act
and applicable
state securities
laws or an exemption from such registration is available.
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 resource assets. The Company
is actively growing a portfolio targeting producing oil and gas
assets with development opportunities and exploration upside. The
Company's current portfolio of resources assets provides both near
term and longer term potential. Groundstar trades under the ticker
symbol "GSA".
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. This press release may
contain forward-looking statements within the meaning of
applicable securities laws including expectations regarding the
receipt of the company's drilling and exploration plans and
government and third party approvals releating thereto.
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.
Contact Information:
Groundstar Resources Limited
www.groundstarresources.com
Chad Dust
403 608 6505 or 403 265 2549
Tyron Pfeifer
403 614 9902
Suite 2300, 144 4th Avenue SW
Calgary, Alberta T2P 3N4
NOT FOR DISTRIBUTION TO THE U.S.A. NEWS
WIRE SERVICES OR FOR DISSEMINATION TO THE U.S.A.
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