DALLAS, TX — (Marketwire) — 08/05/11 — Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce that it has entered into a Letter-of-Intent with a private company to acquire approximately 6,500 acres of leasehold with 115 wells in the Panhandle Field, Hutchinson County, TX. The Panhandle Field is the second largest natural gas field in the United States and was discovered in 1918. The Panhandle Field is a giant oil and gas producing area with production from Pennsylvanian and Permian age granite wash and dolomite covering 200,000 acres in 9 counties in the Panhandle of Texas. Since its discovery over 20,000 wells have been drilled, and the field has cumulative production in excess of 1,500,000,000 barrels of oil. In the twenty year span from 1973 to 1993 the Panhandle Field produced 8.1 TCF (Trillion Cubic Feet) of gas.
Steve Rackley (Chairman & CEO) stated: “We are pleased to announce the execution of this agreement. The properties contain current production as well as numerous work-over opportunities and infill drilling that will give our company the platform needed for expanded growth.”
Reserve estimates show that P1 reserves are $16,286,446 undiscounted with a PV10 of $9,534,066. Closing is subject to further due diligence and other requirements necessary to close.
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
Email:
Phone: 1-800-983-3586
Corporate Site:
5057 Keller Springs Road Suite 300 Addison, Texas 75001