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Tuesday, August 10, 2010 12:00:57 PM
I feel we have made great progress in our business plan. We’ve been able to settle outstanding corporate issues such as the Company’s status with Nevada; improve communications with shareholders via newsletters and blogs; appoint an Investor Relations team and are on the road to making GSRE current with Pinksheets. One important directive of my appointment, and probably the most crucial is to bring revenue to Green Star Energies, Inc. Because of my commitment to you to not put out “fluff” PR’s, rather than announce this through a public press release, I am sharing this exclusively with you; our valued shareholders. When we have tangible results, it is then we will issue a press announcement.
I am delighted to announce we have signed a LOI in which we have the option to acquire an interest in a large field containing 6 wells near the Houston, TX area. This field already has two wells producing approximately 40 BPOD (barrels of oil per day) and we would acquire an interest in the project. The purpose of the project is to redevelop two other wells in the same field and we are hoping to double, or perhaps triple the daily output. What I find most attractive about this project is the fact we would be buying into an already producing field, meaning Green Star Energies, Inc. would begin receiving royalty payments. When an agreement is reached and executed, we will announce this milestone in a public press release.
I am currently in Texas shoring up this acquisition and looking at some similar projects where Green Star Energies, Inc. would be buying into already producing wells. I believe we are close to signing another LOI and am hoping to close the Houston agreement very soon. Please stay tuned for further updates.
Best,
Jim Hale
President/CEO
Green Star Energies, Inc.
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