SRRL 01, hou het i/d Gaten !!!
SRRL <> I Reminderrrrrrrr!!
Stellar Sell remaining interest in Elk Hills Heavy Oil LLC for $1 million.
Stellar Resources (OTCBB:SRRL)
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6 Months : September 2011 to March 2012
Stellar Resources Ltd., (OTCQB: SRRL), (the "Company") is pleased to announce that it sold its remaining ownership interest in Elk Hills Heavy Oil LLC (EHHO) to Elk Hills Petroleum Canada Ltd. (EHPC).
The Company sold 75,000 ownership units (representing a 41.67% ownership) to EHPC for $1,000,000 payable by April 30, 2012.
EHPC now has 150,000 EHHO ownership units representing 83.5% ownership interest. Concurrent with the sale Ray Jefferd resigned as Co-President of EHHO and Stellar resigned as co-manager of EHHO.
The Company chose to sell its minority interest in EHHO to EHPC rather than make further investment in exploring the EHHO property. This divestiture allows the Company to continue its focus of acquiring and developing technologies that have a high profit impact on the upstream oil and gas business.
On behalf of the Board Stellar Resources Ltd.
www.stellarltd.com
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