Oil and Gas Press

GROUNDSTAR RESOURCES COMMENCES DRILLING OF MALAK #1

Groundstar Resources Limited is pleased to provide the following operational update for its West Esh El Mallaha (WEEM) Block (non-operated, 20% working interest, 1,328 square kilometers) in Egypt.

Rigging up of a new 2,000 h.p. drilling rig was completed earlier last week and drilling commenced on the Malak #1 well on February 22. The Malak #1 well will be drilled to a total depth of 12,500 feet over a period of approximately 30 days and is the first exploration well of a two well back-to-back drilling program. Each well will be tested over an approximate two-week period.

Depending on well results, additional wells could be drilled immediately after completion and testing of the first two wells. The operator of the block, Aminex Egypt, and Groundstar Resources Limited have contracted the drilling rig for 18 months on a call-out basis to drill on the WEEM and WKO blocks.

Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, North Africa and the Middle East.

FOR FURTHER INFORMATION CONTACT:

Kam Fard
President & CEO
(403) 265-2549
kfard@groundstarresources.com

Jason Krueger, CFA
Investor Relations
Telephone: (403) 374-1234
jason@redwood-capital.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

FORWARD LOOKING STATEMENTS: All statements in this news release that are forward looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove accurate; actual results and future events could differ materially from those anticipated in such statements.
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Tags: drilling, EGYPT, GROUNDSTAR, Resources