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Groundstar Resources Limited Announces Re-pricing Of Granted Incentive Stock Options

GROUNDSTAR RESOURCES LIMITED
Suite 1650, 717 7th Ave. S.W., Calgary, Alberta, T2P 0Z3

Telephone: (403) 265-2549
Facsimile: (403) 265-2558

NEWS RELEASE
August 31, 2011

GROUNDSTAR RESOURCES LIMITED ANNOUNCES RE-PRICING OF GRANTED INCENTIVE STOCK OPTIONS

Kam Fard, President and Chief Executive Officer of Groundstar Resources Limited ("Groundstar") is pleased to announce that, subject to TSX Venture Exchange approval, Groundstar has amended the exercise price of the 1,980,000 incentive stock options to certain officers, directors, employees and consultants of Groundstar pursuant to its Stock Option Plan, which was announced in the News Release of August 26. These options will be exercisable at a price of $0.10 per share, fully vested by August 26, 2012 and will expire on August 26, 2016.

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

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES



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2900 First Canadian Center
350 - 7th Ave. SW
Calgary, Alberta   Canada   T2P 3N9
T: (403) 265-2549
F: (403) 265-2335
email: info@groundstarresources.com
web: www.groundstarresources.com