OTC/PINK Breaking Material Events

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GSRE - Green Star Energies Completes Reverse Takeover With North Texas Energy

http://www.otcmarkets.com/stock/GSRE/news

THIS INCLUDES THE ACQUISITION OF 4 OIL & GAS PROJECTS WITH UP TO 200 WELLS WITH PROVEN RESERVES OVER 2,000,000 BARRELS OF OIL.

ADDISON, Texas, Jan. 18, 2011 /PRNewswire via COMTEX/ -- Green Star Energies, Inc. (Pink Sheets: GSRE) is pleased to announce the completion of a reverse takeover agreement between Green Star Energies and North Texas Energy a private producing oil and gas company with proven reserves operating in Texas, Arkansas and Oklahoma.
The Company owns a producing oil field in North East Oklahoma with 10 producing wells and multiple workover opportunities on 3 leases covering approximately 230 gross acres with 27 current infield wells. Current production averages about 300 barrels of oil per month representing approximately 1,600,000 bbl as per reserves report. The rights to an additional 5 leases on 580 acres with 35 wells are being evaluated and are expected to be exercised after due diligence. The Company has immediate plans for workover and recompletion of existing wells in an attempt to restore production to 1980 levels ( ~ 300 BOPD from 62 wells) while evaluating an in-field PUD drilling program and exploring additional behind-pipe reserves.

The Company also owns a second oil field in North East Oklahoma that is currently shut in. The field has 160 wells on 7 leases covering 680 acres. This field has 390,000 bbl of potential oil recovery and 133,000 MCF of deliverable gas based on qualified reserve studies. In addition, the Company also owns 4 leases with 7 workover targets in Upshur County, Texas in the Haynesville Shale that covers 340 acres as well as 1 well in Columbia County, Arkansas.

As per the terms of the reverse takeover, all Green Star Energies management has resigned and new management has been appointed. Green Star Energies has appointed Steve Rackley as Chairman and CEO, Gabriel Prieto, P.E. as COO and Director and Richard John as Technical and Drilling Advisor.

CEO of Green Star Energies, Steve Rackley stated, "Completing this reverse takeover is a big step for North Texas Energy and Green Star Energies shareholders. The new combined company allows us to merge our resources to build a stronger venture together."

Steve Rackley was recently COO of a privately held oil and gas exploration and production company that grew to $10 million in revenues in the past three years. Gabriel Prieto, P.E. previously served as Sr. Petroleum Engineer for Mobil Oil and McMoran Oil & Gas as well as VP in the energy banking division of Bank of America. Richard John has over 22 years of experience working in various positions for such companies as Chesapeake Energy and XTO Energy.

Gabriel Prieto, P.E., COO added, "The newly formed management team fully intends to immediately focus on the acquisition and development of under-producing properties in proven oil fields where we can use new technology and methodology to unlock the resources bypassed previously. We look forward to introducing you to these deals in the coming weeks."

Steve Rackley, CEO has scheduled the first of what is expected to be many public appearances after taking over management of Green Star Energies. The interview is scheduled for 11 AM EST on Tuesday, January 18, 2011. It will be available via Stock Plays Online, an online investment community with a live chat feature. You can attend this interview for free with no registration required by logging in through this link: http://www.stockplaysonline.com/visichat/

Oil & gas investment is high risk read the full disclaimer before making any investment decisions, available here: http://www.greenstarenergies.com/disclaimer.html

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. Green Star owns producing oil wells in Oklahoma and as well as Louisiana through its ownership in Aeon Holdings (OTC Markets: AEOH) with work over plans on leases in Texas and Arkansas.

Email: [e-mail] | Phone: 1-469-718-5572
Corporate Site: http://GreenStarEnergies.com | IR Site: http://PeakPetro.com
Twitter: http://twitter.com/PeakPetro | YouTube: http://youtube.com/PeakPetro
5057 Keller Springs Road Suite 300 Addison, Texas 75001