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GSRE looks like a big runner here!

Green Star Energies Announces Sale of Major Asset for $1.62M

Tuesday February 17, 4:00 pm ET

The Sale Combines Undiscovered Value at Crows Run and a Management Contract Which Will Yield $180,000 of Income for the Company


VANCOUVER, WA--(MARKET WIRE)--Feb 17, 2009 -- Green Star Energies, Inc. (Other OTC:GSRE.PK - News) announces today that it has completed the sale of Crows Run in a transaction valued at $1.62M. After further due diligence, Green Star realized that it had acquired a substantially undervalued project much in part to the unrealized deep gas potential at the Crows Run Project in Pennsylvania. This gives Green Star a bookable gain of over $1.3M on the project.



Initial geological reports done in the mid-80s validated oil reserves of 13 million BBLS of oil. The reserve was since proven through over 20 years of oil production. Due to lack of maintenance and rework, the project slowly choked down production through paraffin build up in the last few years. Geological research determined that the levels of deep gas were potentially much larger then were thought and should be further explored.

The level of value wasn't fully determined until after Green Star received several offers from established oil and gas companies over the last 6 months to acquire the project based almost entirely on the gas potential of the deep gas located in the Devonian Period sub-surface rocks estimated between 2,500 and 3,500 feet. After several high profile meetings with interested parties, Green Star focused in on an offer brokered by Ocean Way Investments.

"We discovered this undervalued project while researching energy investments. The existing infrastructure and untapped deep gas potential made this an ideal match for our clients. This culminated in spending the past four months completing due diligence and coming to terms with Green Star," stated the President of Ocean Way Investments, Inc.

The sale combines a management contract for Green Star providing income of $180,000 over the next 3 years for management of the business. Under the terms of the agreement, (which cannot be released until the Buyer files its SEC disclosures) the Buyer will use its funds to develop the project and produce in depth evidence and extraction plans of the gas reserves at the Crows Run. The Company will release full details by the end of this week.

"Although the last few months we have released limited information, it was pertinent to the completion of this transaction to maintain confidentiality. Now because of this transaction we have brought Green Star both gains and income, setting the Company up for the long term," commented President Brandon Toth.