GSA will fly today...NewsVasts partner, GSA, found oil and gas in Egypt - WEEM block
From: Jason Krueger <jason@redwood-capital.com>
Subject: Groundstar Resources news release
To:
Received: Tuesday, October 27, 2009, 5:55 AM
Groundstar Resources Limited: South Malak #1 Wildcat Reaches TotalDepth
CALGARY,ALBERTA--(Marketwire - Oct. 27, 2009) - Kam Fard, President and ChiefExecutive Officer of Groundstar Resources Limited (TSX VENTURE:GSA)("Groundstar") is pleased to announce that the South Malak #1 well, onthe West Esh El Mellaha block onshore Gulf of Suez in Upper Egypt, hasreached total depth at 11,200 feet. Oil shows were encountered inPre-Miocene Matulla sand stringers from 10,858 to 10,900 feet and highC1 to C4 gas readings were encountered from 10,300 feet through tototal depth. The well was logged from the base of the last casedsection at 2,725 feet to total depth.
Thehydrocarbon shows plus log analysis of the logs support a testingprogram of four potential zones. The well will be cased to 11,030 feetleaving the bottom 170 feet uncased in order to conduct an open holetest of possible fractured Granite Wash and Basalt. The remainingproposed tests will be conducted over the cased portion of the well.
Itis expected the casing and cementing program will be completed in 7 to8 days after which the testing program will commence. Groundstar has a20% net working interest in the West Esh El Mellaha block.
Groundstaris a publicly traded Canadian junior oil and gas company activelypursuing exploration opportunities in the Middle East, North Africa andSouth America.
The TSXVenture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release