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Green Star Energies Finalizes Investment Agreement for Eberle #1
The Agreement Provides the Capital Necessary to Complete and Start to Produce From the Eberle #1
VANCOUVER, WA, Oct 27, 2009 (MARKETWIRE via COMTEX) -- Green Star Energies Inc. (PINKSHEETS: GSRE) has facilitated the final agreement with the partners and operator of the Eberle #1 Well in Bastrop County, Texas. A portion of the funding as approved by Jim Hale, the Project Manager (PM), has already been delivered to the operator to start operations. Through the negotiations between Jim Hale, PM and the related parties the new investment in the amount of (up to) $100,000 will earn a 37.46 % working interest until a 300% return (initial investment + 200%) is received. Once the full principle plus interest has been paid back the working interest will be converted to 26.25%. Green Star's current interest in the project is 21.87%. Together the new working interest plus Green Star's current working interest is 59.33% of all initial production.
Under the guidance of Jim Hale, PM and consultation with the Stockholder Committee there have been careful considerations made in regards to the prices of natural gas (which have underperformed according to projections) and delays with land owner easements required for the pipeline. Recently drilling rigs have become readily available and reduced costs making investment into oil projects very lucrative compared to both the last couple years and natural gas at current market prices. Due to these factors the partners and PM agreed that it would be best to continue as originally planned to drill the remaining 700 - 900 feet to the original target depth where the well originally produced oil.
Historical data, as previously reported, verified the production source of oil from its original drillers at the point where they completed both target depth and fracturing in the 1980s. New technology is available compared to decades ago that, together with new techniques and materials, to allow the reduction of water ratios to maximize the return of oil production. The Eberle #1 has a test history of production of between 123 to 170 barrels of oil per day. After historical completion the lease holders shut in the well due to very low oil prices that were not economical then but are very profitable at current levels. While continuing to drill moves us out of the gas zone previously targeted, the operator said the fracturing done will in fact benefit the production in the original zone due to its proximity.
"I have arrived in Texas to prepare for operations and meet with special operatives and Eberle #1 investors. While I am in Texas I would like to make time to meet in person with any of our stockholders or investors who wish to visit the Eberle #1 site. This should present an opportunity for those who have had a desire to see their investment firsthand. Please contact the Company's office to inquire further," stated Brandon Toth, CEO.
ABOUT GREEN STAR ENERGIES, INC.
Green Star is an energy company with interests in oil and gas development and production. Green Star follows an aggressive business model, focusing on redevelopment of oil and gas fields with a history of production, and also, exploration of green projects and businesses such as biodiesel and wind power. Please visit our website: http://www.GreenStarEnergies.com
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Green Star Energies, Inc.) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. Please read the full disclaimer here: http://www.GreenStarEnergies.com/disclaimer.
Contact: Green Star Energies, Inc. Brandon Toth President Contact: 1-360-977-6820 Email: Email Contact
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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Pinnacle Digest: Looking For Shareholder Opinions On Green Star Energies' Latest News
Oct 28, 2009 (M2 PRESSWIRE via COMTEX) -- www.PinnacleDigest.com is a performance-driven online financial magazine and social network with a proven track record. After yesterday's news from Green Star Energies Inc. (PINKSHEETS: GSRE) announcing has facilitated the final agreement with the partners and operator of the Eberle #1 Well in Bastrop County, Texas, our team is inviting all shareholders to their exclusive investor controlled forum. Our staff and members have requested that all Green Star shareholders join our community and share their thoughts on the company, its development and future outlook. One of the most important aspects when we research for new investments is to understand the sentiment of the current shareholders; that is why we have released this announcement - we want to know your opinion. Join The Green Star Investor Discussion Here: http://www.pinnacledigest.com/company/gsre
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Find out if Green Star makes it as a Pinnacle Featured Company,
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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Drilling Rig Has Arrived and Commenced Drilling on the Eberle #1 Well
This Is the Final Step Before Expected Oil Production From the Eberle #1 Well
VANCOUVER, WA, Oct 29, 2009 (MARKETWIRE via COMTEX) -- Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce that the rig arrived earlier this week in Bastrop County, Texas at the Eberle #1 worksite. Since its arrival work has already commenced on the well, moving it into production. The Eberle is on the outskirts of the Giddings Field and is in close proximity to Anadarko Petroleum's Central Texas operations which are considered to be the most prolific in that region. A report created by Anadarko Petroleum engineers reflect that the Northwest portion of the Giddings Field as being the most productive with current technology. Both Green Star's and Anadarko's wells are within this section.
The work to complete the Eberle #1 as an oil well is expected to take up to two weeks. After the rig has reached its target depth and the well has been finished we will enter the production phase of this project. Consistent updates will be made available as reports are presented by the operator to Green Star Energies. Yesterday, President Brandon Toth surveyed the Eberle #1 progress and took the following pictures:
"I am very excited to be able to see our hard work start to pay off with the Eberle #1. I am meeting with some investors over the next few days to show them a glance at some of the onsite activities and want to extend my invitation to anyone who is interested in meeting with me. Due to the expedited activities, shareholders should expect a series of updates as work continues to near completion in the coming days," stated President Brandon Toth.
ABOUT GREEN STAR ENERGIES, INC.
Green Star is an energy company with interests in oil and gas development and production. Green Star follows an aggressive business model, focusing on redevelopment of oil and gas fields with a history of production, and also, exploration of green projects and businesses such as biodiesel and wind power. Please visit our brand new website: http://www.GreenStarEnergies.com.
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Green Star Energies, Inc.) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. Please read the full disclaimer here: http://www.GreenStarEnergies.com/disclaimer.
Contact: Green Star Energies, Inc. Brandon Toth President Contact: 1-360-977-6820 Email: Email Contact
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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Hey guys/gals, I'm not a pumper, but you may want to do some research on this one. The volume has gone from a couple hundred thousand to upwards of 30mill in the last couple of days. The news looks good and if they start announcing oil, this one may explode.
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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It aint running fiercely, but it's steadily moving up
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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Green Star Energies Issues Initial Production Update for the Eberle #1
The Operator Has Already Discovered Significant Pressures and Showings of Oil From the Eberle #1 Well
VANCOUVER, WA, Nov 03, 2009 (MARKETWIRE via COMTEX) -- Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to provide an update on the operations at Eberle #1 Well in Bastrop County, Texas. After reopening the well, the pressure gauge read approx. 1200 psi at the well head after giving it a period of time to confirm the steady pressure. The operator reopened the well to prepare rods and drilling equipment but was met with overwhelming pressure which forced the operator to flare (or burn) the natural gas and produce oil at this level due to significant pressure of both oil and gas. While the focus of the current zone has been gas recovery, the level of existing oil production has been overlooked. In order to produce the oil, the gas must be distributed or burned off which is why we originally wanted to connect the gas line before we started oil production to be able to capitalize on proceeds from both.
Initial showings have indicated better than expected production of oil. This has lead us to consider production immediately until pressure slows and new geological information is evaluated. As is standard with all oil and gas operations we won't know exactly how good the pressure will hold up until we have continuous production for a consistent period. The fracturing has clearly done its job, possibly allowing for strong production without the full drilling requirements to enter the lower zone at this time. There is news coming back from the field daily and management is preparing the release of more information as it is organized and made available over the next couple days.
"I am extremely pleased with the progress made thus far at the Eberle #1 site and look forward to hearing updates first hand as new information and further development shapes our results in the coming days. I had the pleasure of taking a member of our Stockholder Committee onsite last week and welcome the interest anyone else might have to visit," stated President/CEO Brandon Toth.
"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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Green Star Energies Announces Tank Installations at Eberle #1
Tank Installations Is the Final Step to Produce Oil at the Eberle #1
VANCOUVER, WA, Nov 06, 2009 (MARKETWIRE via COMTEX) -- Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce this operations update for the Eberle #1 in Bastrop County, Texas. Under the direction of the Project Manager an additional round of funds were wired to the operator for the production equipment including the tank and separator. As per the latest report from the Operator he is now waiting for the completion of the tank and separator installation which will be immediately followed by oil production from the Eberle #1. The operator was not able to install a pump jack on the well immediately due to the significant oil and gas pressure at the well head. Once the tanks are installed oil production will start under its natural flow for a continued period of time until the operator is able to install the pump jack.
All oil sales will be completed as the tanks are filled and are being sold directly under contract through our operator, Tejones Operating to TETCO (http://www.tetco.com) a San Antonio company with convenience store operations and petrochemical distribution which are the company's primary revenue sources, with significant interests in oil and gas exploration, real estate development, and paving and utility construction.
"Production at the Eberle #1 marks a significant event for Green Star Energies investors and management alike. This will pave the way to additional development and acquisition plans which we have been waiting for, to completion of this objective," stated Brandon Toth.
There has been significant geological evaluation done in the recent weeks providing new information that is expected to increase the life of this well and its secondary development plans. The new geological data including information about various depths and offset wells to the Eberle #1 is proving it to be more valuable than anticipated. The details as presented by the operator will be published in a press announcement expected early next week.
ABOUT GREEN STAR ENERGIES, INC.
Green Star is an energy company with interests in oil and gas development and production. Green Star follows an aggressive business model, focusing on redevelopment of oil and gas fields with a history of production, and also, exploration of green projects and businesses such as biodiesel and wind power. Please visit our brand new website: http://www.GreenStarEnergies.com
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Green Star Energies, Inc.) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. Please read the full disclaimer here: http://www.GreenStarEnergies.com/disclaimer.
Contact: Green Star Energies, Inc. Brandon Toth President/CEO Contact: 1-360-977-6820 Email: Info@GreenStarEnergies.com
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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A little long term news! Do your own research.
Green Star Energies Announces Significant New Geological Discovery at Eberle #1
New Data and Offset Well From the Buda Limestone Sub Formation Increases Recovery Potential of Eberle #1
VANCOUVER, WA, Nov 10, 2009 (MARKETWIRE via COMTEX) -- Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce newly acquired geological data from the operator's geologist as well as evaluation of new information from nearby drilling operations. This new information is expected to increase the life of the Eberle #1 well along with its secondary development through additional drilling once we have finished producing oil in the current zone. "This is truly a monumental discovery for Green Star Energies, providing us with production now and verified additional production once we finish producing in the current zone. I am eagerly awaiting the installation of the tanks and the generation of production revenue in the immediate future," stated Brandon Toth, President/CEO.
The Bastrop Field of which the Eberle #1 resides has several producing formations, including the Austin Chalk, the Eagle Ford Shale and Buda Limestone. The Buda Limestone is a known reservoir for hydrocarbons in South East Texas.
While performing geological work on the lower section of the Eberle #1, Hal Basha, the operator's geologist, stated that new geological data provides verification of a secondary target in the previously untargeted Buda Limestone which is known as a prolific zone in the Giddings Field area currently producing for various junior and major oil and gas companies in the area. Blackbrush Energy, a significant South Texas operator, states average reserve potential for a vertical Buda completion in the area is currently estimated at 100,000 barrels of oil.
The geological data was additionally supported by drilling and production undertaken by a significant oil producer on a well a little more then a mile away from the Eberle #1 well. South Texas Oil Company (STO) has produced over 21,000 bbls of oil to date from this well, based on information provided by the geologist.
Of particular interest to us is the geologist's comment about the Buda formation underneath the Eberle #1 well: "The Buda looks as good, if not better than, the STO well." The geologist has begun preparing a new report with recommendations for this entry of the Buda Limestone, which will be made available to the stockholders once it is completed.
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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Green Star Energies Completes Tank Installations at Eberle #1
Green Star Expects Oil Production From Eberle #1 Immediately
VANCOUVER, WA, Nov 23, 2009 (MARKETWIRE via COMTEX) -- Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce this operations update for the Eberle #1 in Bastrop County, Texas. As previously reported the Project Manager gave the authorization to purchase the separator and tanks for oil production from Eberle #1. The tanks are now on site and are installed, ready for production. Last week the operator informed Green Star that they were having accessibility issues to install the tanks due to recent heavy rains and wet ground. Since then the operator has confirmed the installation of the separator and two 210 bbl tanks at the end of the last week. Green Star is eagerly awaiting production which is expected to begin immediately.
"With the commencement of production not only will Green Star obtain new revenues through its investments but it will also have completed its first major step in its business plan allowing management to surge forward with next development plans and aggressively begin to maximize stockholder value," stated Brandon Toth, President/CEO of Green Star Energies, Inc.
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"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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Green Star Energies Enters Production Stage With the Connection of the Eberle #1
Geological Research Reveals That the Eberle #1 Has Recoverable Oil Estimated at 100,000 BBLS
VANCOUVER, WA, Dec 03, 2009 (MARKETWIRE via COMTEX) -- Green Star Energies, Inc. (PINKSHEETS: GSRE) is pleased to announce that the Eberle #1 well is currently producing after being connected to the newly installed tanks. The Eberle #1 is producing a mix of oil and natural gas coming out under its own pressure. The operator has stated that it will take a couple weeks of monitoring to determine the average production capacity of this well in its current zone. Various tests will be run to maximize the flow rate of oil under current circumstances. The operator will install a pump on the well once the pressure permits it and in due time will continue drilling down to the next possible producing zone which is expected in the Buda Limestone.
"We eagerly await the final numbers on this well as we prepare for the next few steps for the company. This finished objective coupled with the newly discovered geological information has greatly increased Green Star's value as a Company," stated President Brandon Toth. "There will be a series of press releases forthcoming as the company receives production updates."
President Brandon Toth continued, "It was a great feeling to be on site with the well online producing oil for the first time. While onsite we took pictures of the tanks and separator as hooked up to the Eberle #1 well head. The most recent pictures have been posted to our website along with the geological recommendation published by Hal J. Basham, P.G."
Here is a summarized outline of the newly obtained Recommendation Report:
"The Buda Zone and the Austin Chalk are two highly respected areas for high levels of production with records showing each zone having produced over 100,000 barrels of oil. In examining the completion cards of the recent wells drilled in the area surrounding the Eberle, I have come to the conclusion that the Buda Lime Formation has the greatest potential for oil. I recommend drilling to approximately 6500' then perforate and complete the well in the Buda Section. The Eberle well log interval has excellent resistivity and resembles other successful wells in the Buda. An excellent example was the Humble Oil & Refining - E.W. Jones #1 which was drilled 4.5 miles north of Eberle. Production documented 170 barrels of oil per day and producing a total of 21,823 of oil."
To review the full Recommendation please use this web link:
"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones." -- Albert Einstein Posts: 784 | From: washington, DC | Registered: Aug 2004
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