Gold Star Resources Corp. Eyes New Hydrocarbon Deposits in West Africa
25 June 2009 - 11:30PM
PR Newswire (US)
Liberian Energy Company Acquisition Supports Oil Company's Strategy
VANCOUVER, June 25 Gold Star Resources Corp.'s (TSX-V: GXX; OTC
Bulletin Board: GXXFF; http://www.goldstarresources.com/) recent
acquisition of International Resource Strategies Liberia Energy
Inc. (IRSLE) boosts the Canadian oil exploration firm's plans to
develop new hydrocarbon deposits in Liberia. Gold Star Resources
announced on June 12th that it has officially acquired IRSLE. Gold
Star Resources is the first Canadian junior oil company active in
'onshore' oil and gas projects in Cote d'Ivoire and Liberia since
the late 1970s. According to Patrick Morris, President and CEO of
GXX, "The acquisition of IRSLE in Liberia is part of our overall
strategy to pursue new hydrocarbon deposits in that West African
nation. The Liberian political environment has stabilized and we're
seeing a more positive reception from local governments encouraging
investment in new oil exploration projects. Gold Star Resources
intends to set the trend for junior resource companies seeking to
gain a profitable presence in Liberia and elsewhere in West Africa.
We recently signed a Letter-of-Intent with a Ghanaian company,
Bengal Bight Ghana Ltd. to acquire 100% interest in the hydrocarbon
rights of Bengal's 1,000 sq. km. Tiampoum mining concession in Cote
d'Ivoire, near the border of Ghana." Morris is excited about his
company's strategy to secure "onshore" oil and gas opportunities on
Cote d'Ivoire and Liberia because, "larger energy companies are
competing for 'offshore' resources all along the African coast, but
have not expressed any true interest for any 'onshore' oil and gas
exploration. That's fine with us. We see substantive exploration
opportunities onshore. While the larger energy firms develop
deepwater areas demanding considerable initial capital
expenditures, Gold Star Resources can aggressively move forward
onshore where it can find abundant acreage and favorable capital
terms for its potential oil and gas projects." DATASOURCE: Gold
Star Resources Corp. CONTACT: Patrick Morris, President and CEO of
Gold Star Resources Corp., +1-604-641-4450, Web Site:
http://www.goldstarresources.com/
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