Incorporated in 1968, Groundstar Resources Limited is a diversified publicly traded oil and gas company with oil production and 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 assets provides both near term and longer term potential. Groundstar is quoted and trades under the ticker symbol “GSA” in Canada and “GRDSF” in the United States.
GROUNDSTAR RESOURCES ANNOUNCES NEILBURG MULTI-WELL DRILLING RESULTS
Groundstar is pleased to announce updated well results from its multi-well Neilburg drilling program. The Mannville Colony wells which were drilled to depth at 700 meters, were completed and placed on production utilizing electro-submersible pumps. Current total production estimates from the multiwell program is 250 net barrels of 14 degree API oil per day to Groundstar with oil rates expected to cleanup.
Further to Groundstar’s press release dated November 13, 2013 and its agreement with a mid-sized Canadian exploration and production company to partner on a high-netback, multiwell program in the Western Canadian sedimentary basin, Groundstar has now participated in the drilling of four wells with 100% success rate to date in its core area. Given these encouraging results, Groundstar will appraise further development and continue to evaluate additional pool extension potential