DALLAS, TX — (Marketwire) — 08/30/11 — Green Star Energies, Inc. (PINKSHEETS: GSRE) announced today that Bruce A. Hall, CPA, would no longer be serving the company in the capacity of Chief Financial Officer. “Bruce did an outstanding job for Green Star Energies in the brief time that he worked with us in helping to bring our financial records up to date and into compliance. Bruce was at the end of his contract and it seemed appropriate, given the pending merger, to let the new management of the company select their own team,” said Steve Rackley, CEO of Green Star Energies, Inc.
The Company has entered into a Preliminary Agreement for a Reverse Merger with Questus Energy, LLC., a privately held oil and gas company. As part of the transaction Green Star will receive the rights to properties that cover approximately 1,100 acres in the Hawkeye and Midkiff Field in Eastland County, Texas. A 2006 Gleason Engineering Reserve Report commissioned by the previous owners estimated that Proved Reserves were 404,821 barrels of oil equivalent with a net present value (PV10) of $6.4 million using an oil price of $63.25 per barrel. No oil has been produced from the leases since the reserve report was prepared, so adjusting for a current oil price of $85.00 per barrel, the remaining 404,821 barrels of proved oil have a net present value of $10.8 million. This transaction will require an increase in authorized common stock. The company will be holding a special shareholder meeting on September 19, 2011 to seek the required approval.
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