GSA Groundstar Resources Ltd

NOT FOR DISSEMINATION IN THE U.S.A 

Groundstar Resources Limited (TSX VENTURE:GSA) 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Groundstar Resources Limited
Chad Dust
403 608 6505 or 403 975 6505


Groundstar Resources Limited
Tyron Pfeifer
403 614 9902
www.groundstarresources.com

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