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Groundstar Resources Appoints New Director And Grants Incentive Options
GROUNDSTAR RESOURCES LIMITED Kam Fard, Chief Executive Officer and Chairman of the Board of Directors of Groundstar Resources Limited (“Groundstar” or the “Company”) is pleased to announce the appointment of John van der Welle to the Board of Directors of the Company. Mr. van der Welle has been actively involved in the oil industry for twenty-five years. He began his career in auditing and oil tax consultancy with Arthur Andersen LLP. In 1984 he joined Enterprise Oil plc, the largest independent exploration and development company in the U.K., where he rose to the position of Group Treasurer. Mr. van der Welle later served as Finance Director of Hardy Oil and Gas plc and Premier Oil plc. In addition, he has served as Chief Financial Officer and Director of First Calgary Petroleums Limited and as Head of Oil and Gas in the Sector Corporate Finance Group for the Royal Bank of Scotland. Most recently, he has joined Stratic Energy Corporation as Chief Financial Officer and Director. Throughout his career Mr. van der Welle has had extensive experience in many corporate areas of business including business development and planning, investor relations, corporate governance, rebuilding management teams, and banking and finance. He has been involved in major business transactions including mergers, acquisitions, and major financings and restructurings of large public companies. Mr. van der Welle graduated in Engineering from Southampton University and is a qualified Chartered Accountant. He is also a member of the Chartered Institute of Taxation and the Association of Corporate Treasurers. Upon announcing his appointment Mr. Fard said, “We at Groundstar are extremely pleased that a person of Mr. van der Welle’s stature and experience has joined our Board. Not only has he proved that he is a dynamic and successful leader in the oil industry, he brings to the table a wealth of knowledge in respect of the corporate finance and the international aspects of the business. He will undoubtedly prove to be a great asset in the growth and success of Groundstar in the years ahead.” Groundstar has granted incentive options to Mr. Van der Welle, to purchase 250,000 shares at an exercise price of $0.70 per share, expiring July 16, 2013. 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 Jason Krueger, CFA 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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