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Star Energy Makes Landmark Expansion into Ukraine Thursday May 10, 5:49 pm ET
NEW YORK--(BUSINESS WIRE)--Star Energy (OTCBB:SERGE - News) 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."
Star Energy Corp. 317 Madison Avenue 21st Floor New York, NY 10017 Tel. (212) 500-5006 Fax (212) 968-7691 info@starenergycorp.com
Contact: Press: REV Solutions LLC Elena Furman, 917-202-1445
-------------------------------------------------- Source: Star Energy Corporation |