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| Groundstar Resources Announces Additions to Board of Directors
GROUNDSTAR RESOURCES LIMITED Groundstar Resources Limited ("Groundstar") is pleased to announce Kam Fard, President and Chief Executive Officer of Groundstar Resources Limited, is pleased to announce that Mr. Fadi Nammour and Mr. Blair Anderson have accepted an invitation to join the Board of Directors of Groundstar. Mr. Nammour will join effective today and Mr. Anderson will join at the earliest opportunity. Both Mr. Nammour and Mr. Anderson are co-founders of Verenex Energy Inc., a junior international E&P company which is recognized as the most successful oil explorer in Libya since the opening of the country to foreign investment in 2004. Verenex has discovered contingent and prospective resources in excess of 2 billion barrels in addition to setting drilling records while maintaining top tier HS&E performance. Mr. Nammour, currently Manager Business Development and Operations with Verenex Energy, brings to Groundstar more than 28 years experience in domestic and international business development and operations management. He holds an MSc Degree in Petroleum Engineering (1981), and a BS degree in Economics (1976), both from the University of Houston. He is fluent in English, Spanish, Arabic and French. Mr. Nammour began his professional career with Amoco USA, where he served several years working in all phases of engineering, drilling, exploitation and optimization of oil and gas properties. Following his years with Amoco, he was Country and Project Manager for Kelt Energy (Perenco) France for nine years working in the U.S., Europe, the Middle East, Africa and South America. After his service with Kelt, Mr. Nammour served as Vice President International Business Development with Vermilion Resources, subsequent to which he worked as a business development, negotiations and acquisitions consultant for various U.S. companies and investors in the Middle East. Mr. Anderson is currently Exploration Manager of Verenex and has more than 33 years of international and domestic/frontier exploration and development experience. He holds a BSc (Honours) degree in Geology from the University of Manitoba. Prior to co-founding Verenex Energy, Mr. Anderson served as Manager Exploration with Aventura Energy Inc. In 2001 and during his tenure with the company, Aventura made the largest onshore oil and gas discovery in Trinidad in almost 40 years. The company was sold to British Gas in 2004. Mr. Anderson has held senior technical and managerial positions with Suncor Energy, Encor (Talisman) Energy, Natomas International, and Hudson’s Bay Oil and Gas Co Ltd, and has worked on projects in Asia, Australia, Australasia, South America, Africa, Europe and the Middle East. Mr. Fard said that he was delighted that these two talented individuals with such a solid record of exploration and development experience and success were joining the Board. He said, "This is a great day for Groundstar. I am confident that these very experienced professionals will bring new and positive perspectives to all of our future activities which will lead to our success as a company and enhance shareholder value for all of our investors." 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. Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. 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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