DALLAS, TX — (Marketwire) — 09/06/11 — Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce that it will be holding a Special Shareholder Meeting and Proxy Vote. The shareholder meeting will be held at 5057 Keller Springs Road, Suite 300, Addison, Texas on September 19th, 2011 at 10 a.m.
The purpose of the shareholder meeting and proxy is to authorize an amendment of the Green Star Energies, Inc. Articles of Incorporation to increase the authorized common stock from 3,000,000,000 shares to 12,000,000,000 shares to enable the Company to complete a reverse merger with Questus Energy, LLC.
In a related matter, Questus Energy, LLC. stated today that it has recently closed on a significant asset in the Panhandle Field in Texas. The Properties are in a prolific producing region of the Panhandle Hugoton Gas Complex, the largest gas field in the United States. It was originally developed by a 100 year old privately held company with $2 billion per year in sales who has recently decided to return to their core chemical and timber businesses. The property consists of approximately 6,500 acres with 115 oil and gas wells awaiting completion and hook-up. Of these, 91 are oil wells, 8 are gas wells and 16 are disposal wells. There are currently 8 wells that are producing and generating a net cash flow of over $7,000 per month. Total Proved Reserves (P1) priced at current prices of $85 per barrel give the property a current discounted value of $9.5 million (NPV10). Due to the high BTU content of the gas, the company expects to receive a premium above the standard market rate.
After workover is completed the company believes that the property should average 250 barrels of oil / day and 3,750 MMbtu / day of rich gas. Besides the existing wellbores, there are opportunities to drill between 40 to 60 additional wells in the Red Cave, Brown Dolomite and Granite Wash Formations.
ABOUT GREEN STAR ENERGIES, INC.
Green Star Energies, Inc. is currently targeting joint ventures or acquisitions in which existing oil projects are currently in or near term production. Additional information about the company and its holdings may be found on the company website at
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Green Star Energies, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Green Star Energies, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
Green Star Energies, Inc.
Email:
Phone: 1-800-983-3586
Corporate Site:
5057 Keller Springs Road Suite 300 Addison, Texas 75001