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| Fortgeschrittener Anmeldedatum: 02.06.2010 Beiträge: 118 Chats: 0 | Green Star Energies Enters Into an Agreement for a Reverse Merger With Questus Energy, LLC Green Star Energies (PL) (USOTC:GSRE) Intraday Stock Chart Today : Monday 22 August 2011 Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce that it has entered into an preliminary Agreement to execute a Reverse Merger with Questus Energy, LLC., a privately held oil and gas company. As part of the transaction Green Star will receive the rights to properties that cover approximately 1,100 acres in the Hawkeye and Midkiff Field in Eastland County, Texas, and are just south of Cisco, Texas. Of the 166 well bores on the property, 35 of the wellbores are equipped and ready for production. Most of the wells were drilled to and produced from the Adams Branch Sandstone. The Adams Branch is a Pennsylvanian aged sandstone and a member of the Canyon group. On the Hawkeye and Midkiff leases, the Adams Branch is buried at a subsurface depth of approximately 1,200 feet. Additional potential in the fields exists in the marble Falls Limestone, Barnett Shale, and Ellenburger formation, all of which produce in Eastland County. Gleason Engineering was commissioned by the previous owners of the fields to evaluate the properties in March of 2006. At that time Gleason estimated that Proved Reserves were 404,821 barrels of oil equivalent with a net present value (PV10) of $6.4 million using an oil price of $63.25 per barrel. No oil has been produced from the leases since the reserve report was prepared, so adjusting for a current oil price of $85.00 per barrel, the remaining 404,821 barrels of proved oil have a net present value of $10.8 million. Green Star Energies will file appropriate paperwork with the Texas Railroad Commission to allow it to become the operator of the properties. The company intends to begin the process of permitting immediately with workover expected to begin within 45 days. The transaction is subject to board and shareholder approval. This transaction will require an increase in authorized common stock. The company will be holding a special shareholder meeting and vote to seek the required approval. In addition, the company will be asking shareholders for permission to change the company name and trading symbol. ABOUT GREEN STAR ENERGIES, INC. Green Star Energies, Inc. is currently targeting joint ventures or acquisitions in which existing oil projects are currently in or near term production. Additional information about the company and its holdings may be found on the company website at http://www.greenstarenergies.com Green Star Energies, Inc. Email: Investorrelations@GreenStarEnergies.com Phone: 1-800-983-3586 Corporate Site: http://GreenStarEnergies.com 5057 Keller Springs Road Suite 300 Addison, Texas 75001 Green Star Energies Releases Additional Information on Hawkeye and Midkiff Field Green Star Energies (PL) (USOTC:GSRE) Intraday Stock Chart Today : Wednesday 24 August 2011 Green Star Energies, Inc. (PINKSHEETS: GSRE), as part of its due diligence process, has reviewed an Enhanced Georadiometric Survey for the Hawkeye and Midkiff field that was commissioned by a prior owner of the property covering approximately 1,100 acres in Eastland County, Texas. The report was generated by Hydrocarbon Imaging Services, Inc. ("HIS") in Andrews, Texas in August, 2010. Radiometric surveying has been incorporated in the oil and gas industry both on surface and subsurface areas for over 70 years. Gamma Ray log interpretation is commonplace in oil and gas structural analysis. Surface surveying of gamma ray readings has been used and validated by oil and gas companies, major universities, and United States governmental agencies. The results of the survey are as follows: of the 166 well bores on the property, 35 of the wellbores are equipped and ready for production. Most of the wells were drilled to and produced from the Adams Branch Sandstone. There is little account for the deeper combo play of the Barnett Shale. Using the standard industry variables, HIS's comparable net productive acres on the composite formations are calculated to be 1,044 productive acres in the Barnett Shale combo play with recoverable reserves of 5,922,651 barrels of oil. These reserves were not studied or accounted for in the previously referenced reserve report that was commissioned in 2006 by the prior owners. The company expects to commission an updated reserve report through an independent party prior to its next quarterly filing. ABOUT GREEN STAR ENERGIES, INC. Green Star Energies, Inc. is currently targeting joint ventures or acquisitions in which existing oil projects are currently in or near term production. Additional information about the company and its holdings may be found on the company website at http://www.greenstarenergies.com Legal Notice Regarding Forward-Looking Statements: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Green Star Energies, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Green Star Energies, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise. Green Star Energies, Inc. Email: Investorrelations@GreenStarEnergies.com Phone: 1-800-983-3586 Corporate Site: http://GreenStarEnergies.com 5057 Keller Springs Road Suite 300 Addison, Texas 75001 Zuletzt bearbeitet von TankerOne am 25.08.2011, 12:19, insgesamt einmal bearbeitet | ||
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