After extensive review and due diligence the Company concluded this large acreage block did not conform to the current objectives and development of the Company, and did not represent the best use of the Company's resources. The Company will focus on negotiating on specific acreage in the Williston Basin that is of direct interest to the Company. The 22 million shares issued as the deposit for the acquisition will be returned to the treasury of the Company.
The Board of Directors has also concluded that the Company will not proceed with its earlier announced objective of pursuing opportunities in the oil & gas industry in Argentina.
While the Company is still reviewing many opportunities the Board of Directors is of the view it should, at this time, focus on consolidating and developing its assets in the Barnett Shale in Texas and its interests in Guatemala.
"Our decision to withdraw our participation in these areas was not based on their respective potential, but rather our need to focus our resources on projects we assess will have higher value for TrueStar," stated TrueStar President and CEO Dick Shuster. "We sincerely appreciate the efforts from the individuals who worked on these projects, especially those who helped establish our Argentina office."
TrueStar Petroleum Corporation is an oil and gas exploration, development, and production company. TrueStar has interests in 34 producing gas wells in the Barnett Shale gas play in Texas and a 10% interest in a license for oil and gas development on 554,000 acres in Guatemala, and is waiting the reassignment of the remaining 90% interest in the 554,000 acre License. Working interest partners in Texas include publicly listed Devon Energy, Carrizo Oil & Gas, and EnCana.
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