Simba Energy Buys More Time Onshore Liberia
Gold Star Resources Corp. has received approval from the TSX Venture Exchange to change the Company's name to Simba Energy Inc. The stock symbol of the Company has been changed to "SMB" and the Company's CUSIP number has been changed to CUSIP 828572107. The corporate name change and symbol change take effect February 19, 2010. The new website of the Company will be Simbaenergy.ca
Reconnaissance Permit Extension
The Company is pleased to announce that its Liberia Hydrocarbon Reconnaissance Permit NR-001 in Liberia has been extended for one year effective February 8, 2010 by National Oil Company of Liberia (NOCAL). The extension of the reconnaissance permit by NOCAL provides the company additional time to continue its exploration of the permit area and develop additional data in its quest to pursue the prospect of application of a Production Sharing Contract with the National Oil Company of Liberia (NOCAL).
Search For Oil Seeps
During the month of January, 2010, James Dick, geologist and director of the Company, supervised an exploration team that carried out an extensive Oil Seep Survey over the most prospective portion of the onshore Reconnaissance Licensed area in Liberia, West Africa. The expedition included a ground crew of twenty-five geology students from the University of Liberia who in turn traversed a 125 square kilometer area of rivers and tidal mangrove swamps, collecting and recording extensive data and samples.
At the conclusion of the oil seep search and after careful evaluation, consulting geologist James Dick stated, "The high volatile oil associated with the seeps is positive indication of mature oil. The basin is either deep enough to have temperature and pressure levels capable of maturation or migration has come from offshore sediments."
The initial focus of the Oil Seep Survey concentrated on two areas, the Marshall City area where oil seeps have been reported for several years, and the Airport area where the Company lacked anecdotal information. The objective was to confirm the previously indicated oil seeps in the above areas and to expand the area of proven oil seeps in these two areas.
The Company is pleased to report at the conclusion of its oil seep survey that oil seeps were found on all traverses (15) covering an area of about 125 square kilometers. Each sighting had numerous seeps in close proximity. Samples of water and soil were taken at each sighting and from pits offsetting seeps at the best seep in each area. Clay and sand were sealed in plastic bags and water samples were placed in sample bottles. Iridescent sheen and bubbles floating on water, bubbles from bottom in shallow water, identified the seeps and often there was kerosene smell. The hydrocarbon present is very volatile, disappears very quickly, was only seen entering fresh pits and is positive indication of mature oil.
Simba Energy Inc. has assembled a senior management team comprised of seasoned individuals with esteemed careers in petroleum exploration and development, corporate finance and public company sectors. In addition to having secured the first ever onshore exploration permit in Liberia, the Company will continue its focus pursuing strategic exploration and production licenses in Africa while also pursing production assets in North America and other markets.