He Oli das wird deiner Star nochmal den nötigen Kick geben.
Star Energy Purchases Majority Stake in Kommunarskoe NGDU
21:30 28.11.06
Star Energy (OTCBB:SERG) announced today that it is buying 51% of Kommunarskoe NGDU, a Russian oil company. Terms of the definitive agreement call for the issuance of six million restricted shares of Star Energy Corporation in consideration of the purchase. The acquisition will close upon the receipt of audited financials of Kommunarskoe, reserve reports, leases and contracts, any required consents, the approval of the board of directors of both companies and other customary closing conditions.
Based on representations made by the selling shareholder (Elecsbrokers), Kommunarskoe NGDU has proven reserves of 1,200,000 tons of oil and oil equivalents. The companys monthly production output is approximately 4,000 tons, or more than 29,000 barrels. This translates into proven reserves of 8,820,000 barrels and annual production of approximately 348,000 barrels or US twenty million dollars in annual gross revenue.
Commenting on the proposed acquisition, Star CEO Patrick Kealy noted, The acquisition of Kommunarskoe continues Stars strategy of acquiring strong, resource-based businesses in Russia and Eastern Europe. We are excited by this transaction and look forward to completing the purchase.
About Star: Star Energy Corporation is a U.S.-based public oil and gas exploration company with one hundred percent (100%) of its assets located in Europe, primarily the Samara region of Russia. The company is pursuing a strategy of seeking investment and acquisition opportunities in Russia and Eastern Europe with the goal of providing Western investors with access to a portfolio of natural resource licenses and operating companies. Additional information can be found at www.starvolga.com.
Safe Harbor Statement: A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the recovery of oil and gas resources, the successful completion and integration of prospective acquisitions, competitive market conditions, and the ability to secure sufficient sources of financing. The actual results Star may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Star encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. Star's public filings may be viewed at www.sec.gov.