Star Energy Procures Rights to Ukrainian Oil & Gas Projects
Star Energy and its newly registered subsidiary Anglo-Ukr Energy (AUE) have acquired rights to three Ukrainian oil and gas projects. The projects, Region, Dewon and Bukovyna, are comprised of seven oil and gas fields with estimated reserves of over 100 million barrels of oil and 150 billion cubic feet of gas. Two of the fields are currently producing and with refurbishment are expected to substantially increase production.
Through AUE, Star intends to promote and expand operations in Ukraine. The subsidiary headquarters will be located in Kiev with planned regional offices in Ivano-Frankovsk and Poltava.
In addition, Star Energy Corporation has joined the American Chamber of Commerce in Ukraine, a move, which will strengthen Star's position in the region.
Patrick J. Kealy, President & CEO, said, "These developments are a great move forward as we execute on our business plan. We continue to concentrate on promising projects in the Ukraine and remain excited about our future."
Star Energy Corporation is a U.S.-based public entity engaged in acquisition, exploration, and development of oil and gas deposits in Eastern Europe and CIS. The company's goal is to provide Western investors with access to a portfolio of natural resource licenses and operating companies.
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