August 28, 2014 1:12 AM ET

Energy Equipment and Services

Company Overview of Allstar Energy Limited

Company Overview

Allstar Energy Limited owns and operates oil and gas reserves and offers oil and gas drilling services. The company is based in Kindersley, Canada.

409 Main Street

Kindersley, SK S0L 1S0

Canada

Phone:

306-463-0181

Fax:

306-463-3966

Key Executives for Allstar Energy Limited

President and Chief Executive Officer
Compensation as of Fiscal Year 2014.

Allstar Energy Limited Key Developments

Allstar Energy Limited Enters into Binding Letter of Intent with Canada Zhongan Energy Investment Ltd. to Drill and Complete Two New Wells in the Riverside Field

49 North Resources Inc. announced that it has, together with its 100% owned subsidiary Allstar Energy Limited (Allstar), entered into a binding letter of intent (LOI) with Canada Zhongan Energy Investment Ltd. (Zhongan).Under the terms of the LOI, Zhongan has made a non-refundable option payment of $2,000,000, which Allstar will use to drill and complete two new wells in the Riverside field in accordance with the terms of the LOI. Upon completion of the Program, Zhongan has the right to fund an additional $10,000,000 to drill up to an additional 12 wells at Riverside to earn a 60% interest in Allstar's oil and gas properties. Pending the completion of the definitive agreement, it is envisioned that, subject to Zhongan exercising its option, Zhongan and 49 North will be 60:40 joint venture partners in all of the Allstar properties. Completion of the definitive agreement will be subject to the negotiation and satisfaction of a number of conditions, including, but not limited to each of 49 North and Zhongan being satisfied with the results of their respective due diligence investigations and any required regulatory approvals.

49 North Resources Inc. and Allstar Energy Limited Announce Letter of Intent with Canada Zhongan Energy Investment Ltd

49 North Resources Inc. announced that it has, together with its 100% owned subsidiary Allstar Energy Limited ('Allstar'), entered into a binding letter of intent with Canada Zhongan Energy Investment Ltd. Under the terms of the LOI, Zhongan has made a non-refundable option payment of $2,000,000, which Allstar will use to drill and complete two new wells in the Riverside field in accordance with the terms of the LOI. Upon completion of the Program, Zhongan has the right to fund an additional $10,000,000 to drill up to an additional 12 wells at Riverside to earn a 60% interest in Allstar's oil and gas properties. Pending the completion of the definitive agreement, it is envisioned that, subject to Zhongan exercising its option, Zhongan and 49 North will be 60:40 joint venture partners in all of the Allstar properties. Completion of the definitive agreement will be subject to the negotiation and satisfaction of a number of conditions, including, but not limited to each of 49 North and Zhongan being satisfied with the results of their respective due diligence investigations and any required regulatory approvals.

Allstar Energy Limited Provides Update on Drilling Activities at Riverside

49 North Resources Inc. announced the commencement of a 6 well drilling program on the Riverside property owned by Allstar Energy Limited ("Allstar"), a 100% owned subsidiary of 49 North. The target locations were selected in the Success formation based on the results of the 3D seismic testing announced on September 25, 2012. Using this interpreted 3D seismic data, the first well in the program was drilled 400 meters north of a producing recompleted well in the southwestern portion of the Riverside land package. Drilling encountered an oil bearing zone of approximately 40 meters. The second well in the program was drilled a further 600 meters north of the first well (1,000 meters north of the recompleted well) and encountered an oil bearing zone of approximately 32 meters. Drilling of the 6 well program is anticipated to be completed by the end of December 2012. Production completions will be initiated next week.

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