Groundstar Resources Ltd. (TSXV:GSA) reached an agreement to acquire the lands in Morinville, Alberta subsequent to the quarter ending October 31, 2014. The transaction is expected to close at the end of January 2015.

Groundstar Resources Ltd. (TSXV:GSA) completed the acquisition of petroleum and natural gas leases in Morinville, Alberta for CAD 0.1 million in cash and stock on February 3, 2015. The total purchase price was payable through a combination of cash in the amount of CAD 0.03 million and 0.38 million common shares of Groundstar. In addition, 0.38 million additional common shares shall be issued upon a minimum level of production from the leased lands being met, consisting of at least 50 barrels of oil per day over a 90 day production test on the first well on the lands during the term of the leases.