CALGARY, (Accesswire -
September 30, 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 financial statements and management's discussion
and analysis for the period ended July 31, 2013. Copies of the
filed documents may be obtained through the company's profile
www.sedar.com
Highlights and Financial and
Operations Summary
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
Summary Consolidated Statements of Cash
Flows (in United States Dollars)
------------------------------------------------------------------
|For the three month periods ended July 31,|2013 | 2012 |
|----------------------------------------------------------------|
|Operating activities | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|----------------------------------------------------------------|
|Net loss |(276,213)|(4,264,994)|
|----------------------------------------------------------------|
|Financing activities | | |
|----------------------------------------------------------------|
|Re-purchase of common shares |(25,787) |- |
|----------------------------------------------------------------|
|Promissory note repayment |(220,000)|- |
|----------------------------------------------------------------|
| |(245,787)|150,000 |
|----------------------------------------------------------------|
|Investing activities | | |
|----------------------------------------------------------------|
|Proceeds from sale of assets-held-for sale|1,710,604|- |
|----------------------------------------------------------------|
|Net change in non-cash working capital |(377,874)|- |
|----------------------------------------------------------------|
| |1,326,281|(127,138) |
|----------------------------------------------------------------|
|Effect of exchange rate changes on cash |(64,964) |473 |
|----------------------------------------------------------------|
|Increase in cash |718,872 |40,560 |
|----------------------------------------------------------------|
|Cash, beginning of year |1,212,961|700,457 |
|----------------------------------------------------------------|
|Cash, end of year |$ |$ 741,017 |
| |1,931,833| |
------------------------------------------------------------------
Consolidated
Statements of Changes in Shareholder's Equity
----------------------------------------------------------------------------
| |Share |Contributed|AOCI * |Deficit |Total |
| |capital |surplus | | | |
| |(Note 9) | | | | |
|--------------------------------------------------------------------------|
| | | | | | |
|--------------------------------------------------------------------------|
|Balance, April|$ |$ |$ |$ |$ |
|30, 2012 |17,845,698| 10,967,748| 2,935,169| (24,906,477)| 6,842,138 |
|--------------------------------------------------------------------------|
|Net loss |- -- -- |(4,264,994) |(4,264,994)|
|--------------------------------------------------------------------------|
|Stock-based |- |22,721 |- -- |22,721 |
|compensation | | | | | |
|expense | | | | | |
|--------------------------------------------------------------------------|
|Other |- -- |(3,115)) |- |(3,115) |
|comprehensive | | | | | |
|income | | | | | |
|--------------------------------------------------------------------------|
| | | | | | |
|--------------------------------------------------------------------------|
|Balance, July |$ |$ |$ |$ |$ |
|31, 2012 |17,845,698| 10,990,469| 2,932,054| (29,171,471)| 2,596,750 |
|--------------------------------------------------------------------------|
| | | | | | |
|--------------------------------------------------------------------------|
| | | | | | |
|--------------------------------------------------------------------------|
|Balance, April|$ |$ |$ |$ |$ |
|30, 2013 |19,950,145| 11,100,182| 2,905,488| (31,337,923)| 2,617,892 |
|--------------------------------------------------------------------------|
|Net loss |- -- -- |(276,213) |(276,213) |
|--------------------------------------------------------------------------|
|Issuance of |28,045 |- -- -- |28,045 |
|common shares | | | | | |
|--------------------------------------------------------------------------|
|Share |(25,787) |- -- -- |(25,787) |
|re-purchase | | | | | |
|--------------------------------------------------------------------------|
|Stock-based |- |18,994 |- -- |18,994 |
|compensation | | | | | |
|expense | | | | | |
|--------------------------------------------------------------------------|
|Other |- -- |(62,082) |- |(62,082) |
|comprehensive | | | | | |
|loss | | | | | |
|--------------------------------------------------------------------------|
| | | | | | |
|--------------------------------------------------------------------------|
|Balance, July |$ |$ |$ |$ |$ |
|31, 2013 |19,952,403| 11,119,176| 2,843,406| (31,614,136)| 2,300,849 |
----------------------------------------------------------------------------
Outlooks and Update
During the quarter, 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
200,000 share options of the Company ("Common Shares") at a price
of $0.18 per share. 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
cdust@groundstarresources.com
Tyron Pfeifer
403 614 9902
typfeifer@groundstarresources.com
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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