03:51 PM EST - Groundstar Resources : said it has entered into an asset exchange agreement with Karl Thomson Energy Limited or KTE, its partner in its two Egyptian blocks. The exchange is mainly driven by the company's desire to increase its interest in the West Kom Ombo or WKO block where Groundstar is operator and has a major working interest, and which is in an area that has been experiencing a high level of activity. Dana Gas Egypt announced on January 11, 2010 the completion of the Al Baraka-4 well, with a potential flow rate with artificial lifting, of 1,300 bopd, on the block adjacent to the east.According to this agreement, Groundstar said it is exchanging its 20% working interest in the West Esh El Mallaha or WEEM block, where KTE has been funding drilling and completion operations solely as of November 27, 2009, for a 20% interest in the WKO block. Groundstar Resources
shares V.GSA are trading up $0.01 at $0.47.
