DALLAS, TX — (Marketwire) — 08/24/11 — Green Star Energies, Inc. (PINKSHEETS: GSRE), as part of its due diligence process, has reviewed an Enhanced Georadiometric Survey for the Hawkeye and Midkiff field that was commissioned by a prior owner of the property covering approximately 1,100 acres in Eastland County, Texas. The report was generated by Hydrocarbon Imaging Services, Inc. (“HIS”) in Andrews, Texas in August, 2010.
Radiometric surveying has been incorporated in the oil and gas industry both on surface and subsurface areas for over 70 years. Gamma Ray log interpretation is commonplace in oil and gas structural analysis. Surface surveying of gamma ray readings has been used and validated by oil and gas companies, major universities, and United States governmental agencies.
The results of the survey are as follows: of the 166 well bores on the property, 35 of the wellbores are equipped and ready for production. Most of the wells were drilled to and produced from the Adams Branch Sandstone. There is little account for the deeper combo play of the Barnett Shale. Using the standard industry variables, HIS–s comparable net productive acres on the composite formations are calculated to be 1,044 productive acres in the Barnett Shale combo play with recoverable reserves of 5,922,651 barrels of oil.
These reserves were not studied or accounted for in the previously referenced reserve report that was commissioned in 2006 by the prior owners. The company expects to commission an updated reserve report through an independent party prior to its next quarterly filing.
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Green Star Energies, Inc.
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Phone: 1-800-983-3586
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5057 Keller Springs Road Suite 300
Addison, Texas 75001