GULFSTAR ENERGY CORPORATION
PRESS RELEASE
Gulfstar Energy Group, LLC enters into Letter of Intent with B & T Energy
Expanding its Midstream Assets and Natural Gas Production Operations
Morgantown, Kentucky--(September 16, 2011,).
The new company, equally owned by both Gulfstar and B & T, would create a new
pipeline connecting B & T's assets in Edmonson county to Gulfstar's existing
pipeline operating in Warren and Butler counties. B & T would be responsible for
supplying up to 6,000 MCFD, while Gulfstar will be responsible for sales and
marketing, including the sale of B & T gas to existing Gulfstar customers.
Robert McCann, CEO of Gulfstar Energy stated, `This new project allows us to
leverage and expand existing Gulfstar assets and make us a major midstream
provider in western Kentucky."
About the Company
Gulfstar Energy Corporation is an independent energy company engaged in the
acquisition and development of oil and gas assets in the United States. Gulfstar
currently owns and operates 20 miles of pipeline infrastructure and has a 10,000
acre lease in the Illinois Basin. The company also has an acreage position in
the Wattenberg field in northern Colorado which is scheduled for oil production
development beginning in fourth quarter 2011.
555 Eldorado Blvd. Suite 100, Broomfield Colorado 80021 Phone: 303-404-2160
Page 2
Safe Harbor Statement
This press release contains forward-looking statements that are subject to the
safe harbors created under the Securities Act of 1933 and the Securities
Exchange Act of 1934. We use words such as "anticipate," "believe," "continue,"
"could," "estimate," "expect," "goal," "intend," "may," "plan," "project,"
"seek," "should," "target," "will," "would," variations of such words and
similar expressions to identify forward-looking statements. Readers are
cautioned that actual results could differ materially from those expressed in
any forward-looking statements. Factors that could cause actual results to
differ include: the ability of Gulfstar to successfully integrate B & T
operations and employees; the ability to realize anticipated benefits of the
proposed acquisition, including the expectation of greater revenue
opportunities, operating efficiencies and cost savings; the ability to ensure
continued performance and market growth of B & T's business; continued turmoil
in global financial markets and economies; the availability and cost of credit;
the ability to successfully develop, introduce, and sell product and
enhancements; changes in relationships with key customers, suppliers,
distributors, resellers, and others as a result of the acquisition; the ability
of the Company to locate and retain replacement executive officers and
directors, and other factors affecting the oil and gas and energy industries
generally. In addition, please refer to the risk factors contained in Gulfstar
Energy Corporation's SEC filings available at www.sec.qov, including Gulfstar's
most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Readers are cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made. The Company
undertakes no obligation to update or revise any forward-looking statements for
any reason.