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Groundstar Completes Negotiations And Receives Ministerial Approval For Two Blocks In Syria

Source: www.gulfoilandgas.com 4/24/2008, Location: Middle East

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Groundstar Resources Limited announced that the Company has successfully completed negotiations with the Syrian Petroleum Company for the Contracts for the exploration, development and production of petroleum for Blocks XIV and XVI. The Contracts have been signed between Groundstar and representatives of the Syrian Petroleum Company and endorsed by the Minister of Petroleum and Mineral Resources representing the Government of the Syrian Arab Republic.

Groundstar is the operator and retains a 100% working interest in both blocks that total approximately 3.35 million acres. The initial exploration period is four years from the time the Contracts are ratified by the Syrian Parliament. The Company has begun the data collection process in order to undertake a reinterpretation of the available subsurface data on the blocks. Following identification of potential leads and areas of interest, a new seismic program will be acquired.

The progress of Groundstar's exploration activity in Syria and its relationship with the Syrian Petroleum Company has been very good at a time when an up-swing in drilling and field development is occurring in the country in which prominent Canadian exploration and production companies are playing a significant role. The Company looks forward to increasing its participation in Syria through a possible development and/or enhanced oil recovery project.

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