NEW YORK--(BUSINESS WIRE)--Star Energy (OTCBB:SERGE) announced the signing of a memorandum of understanding with Anglo-Ukra Energy, Kiev, Ukraine. The memorandum provides for the acquisition of rights to concessions of oil and gas fields in the Ukraine named Region, Sakhalinska and Bukovyna.
The assets planned to be acquired and developed include the aforementioned three areas, with total reserves of over 150 million barrels of oil and 75 billion cubic feet of natural gas. As part of this significant expansion in Ukraine, Star will open and staff an office in Kiev, and has retained Ryder Scott Company, LP., Houston, Texas, to assist in updating valuations of the respective fields.
Patrick J. Kealy, President & CEO said “I am a great believer in the future of the Ukraine. It has significant oil and gas reserves, but has only recently found it necessary to develop these assets. We are looking forward to a long and successful relationship with Ukraine, providing the capital and expertise necessary to develop this great country's natural resources.”
Kealy further said, “The exclusive focus of Star over the next several years will be on developing our base in Russia and the Commonwealth of Independent States. Through acquisitions and development, we plan to significantly expand our exploration, production and refining operations. It is early in this process, but we have a very clear and focused strategy that we feel will result in substantial shareholder value.”
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.starenergycorp.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.
