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Groundstar Resources Limited (TSX-V:GSA) - currently has interests in several prospective oil and gas properties in the Middle East, North Africa, and South America
Category: Investment, Oil, Energy
Groundstar Resources Limited (TSX-V:GSA) is a Calgary-based junior oil and gas company actively pursuing international exploration and production opportunities. The Company currently has interests in several prospective oil and gas properties in the Middle East, North Africa, and South America.
CORPORATE STRATEGY
Groundstar acquires prospective oil and gas properties that major oil companies, in the course of exploring large tracts of international acreage, frequently choose to ignore or abandon due to the small size of discoveries or special infrastructure requirements. By employing careful due diligence, planning and local intelligence, Groundstar believes it can acquire and transform such prospects into economical and profitable developments. Preference is given to acquiring properties with low to medium risk drilling prospects with near-term "on-stream" characteristics to generate cash flow. Funding to cover exploration and drilling costs are arranged through farm-in arrangements with other oil & gas exploration companies which sometimes act as operators.
STRATEGIC EVALUATION MANDATE
On March 3, 2010, Groundstar announced that its Board of Directors had approved a mandate to undertake a process for evaluating the various strategic alternatives available to the Company for the purpose of "maximizing shareholder value". The various alternatives include a sale, merger, or other business combination involving Groundstar, or the sale of some or all of the Company’s assets. To this effect, the Company has retained an exclusive financial advisor to assist in the review process. The Company states, "There can be no assurances that any transaction will occur or, if one is undertaken, any certainty with regard to its terms or timing."
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