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
March 3, 2010
GROUNDSTAR RESOURCES LIMITED ANNOUNCES MANDATE TO EVALUATE STRATEGIC ALTERNATIVES AND RETENTION OF JENNINGS CAPITAL INC. AS FINANCIAL ADVISOR
CALGARY, ALBERTA (March 3, 2010) - Groundstar Resources Limited ("Groundstar" or the "Company") (GSA - TSXV) announces that its Board of Directors has approved a mandate to undertake a process to evaluate the various strategic alternatives available to Groundstar with the goal of maximizing shareholder value. These alternatives may include a sale, merger or other business combination involving Groundstar, or the sale of some or all of the assets of the Company. In this regard, Groundstar has retained Jennings Capital Inc. to act as its exclusive financial advisor to assist in the review process. There can be no assurances that any transaction will occur or, if one is undertaken, any certainty with regard to its terms or timing.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
