GROUNDSTAR RESOURCES LIMITED
Suite 1650, 717 – 7th Ave. S.W., Calgary, Alberta, T2P 0Z3
Telephone: (403) 265-2549
Facsimile: (403) 265-2558
NEWS RELEASE
GSA-TSX Venture Exchange
July 17, 2008
Groundstar Resources Limited Withdraws Private Placement Offering
July 17, 2008 – (TSXV: GSA) Due to current adverse market conditions in the
energy sector, Groundstar Resources Limited (the “Company”) has decided to
withdraw its private placement offering announced on June 30, 2008. The Company
currently has sufficient working capital to continue with its business plan.
Market conditions will be monitored moving forward so that the Company will
be in a position to raise capital when market sentiment becomes more favourable
for junior exploration companies.
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
This press release does not constitute an offer to sell or the solicitation
of an offer to purchase securities in the United States.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This news release is not for dissemination in the United States or to
any United States news services. Any failure to comply with this restriction
may constitute a violation of U.S. securities laws.
