Star Energy Closes Purchase of Volga-Neft
Star Energy has acquired Volga-Neft, a Russian oil and gas producer. Under the terms of the purchase, Star acquired one hundred percent (100%) of Volga-Neft in exchange for ten million (10,000,000) newly issued, restricted shares of Star Energy. Volga-Neft will become a wholly owned operating subsidiary of Star Energy.
Volga-Neft has several attributes, including an executed contract to buy the Rodnikovsky oilfield in the Orenburg region. This field has estimated total extraction reserves of 95 million barrels, with a market value to Volga-Neft of approx. US $190 million. Volga had audited 2005 gross revenue in excess of US $90 million.
Star Energy interim CEO and Director Marcus Segal commented, "We are pleased to see this acquisition completed. With the revenue stream and asset base of Volga-Neft, Star is now well positioned to make further acquisitions in the region and to move our listing to a National Exchange. We have put together a highly experienced team of professionals and believe that Star Energy has all of the tools necessary to build a strong resource business attractive to Western investors."
Star Energy Corporation is a U.S.-based oil and gas exploration firm with assets primarily in the Samara region of Russia. Star is pursuing investments and acquisitions in Russia and Eastern Europe with the goal of giving Western investors access to a portfolio of natural resource opportunities.
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