DALLAS, TX — (Marketwire) — 09/23/11 — Green Star Energies, Inc. (PINKSHEETS: GSRE) announced today that the proxy vote to increase the amount of authorized shares in the company was passed at the recent Special Shareholder Meeting. This clears the way for the acquisition of assets from Questus Energy, LLC. Management expects the acquisition to be finalized within the next week.
The company has scheduled workover of the first 30 wells in its Eastland County, Texas property to commence next week. The property consists of 166 wells on 1,100 acres comprised of two leases and is just 10 miles south of Cisco, Texas. The field has experienced shallow production at average depth of 1,200 feet. Of the 166 oil and gas wells awaiting completion and hook-up, 35 of the wellbores are equipped and ready for production. In the first full month of production the company expects to produce approximately 2,000 barrels of oil from the wells that are being worked over. The associated revenue is expected to be collected by the company in December 2011.
The acreage is located in a trend that also has the Barnett Shale Combo play upside potential. The company is exploring available options to take advantage of this play.
For additional information, visit the company–s website at .
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