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August 02, 2015 11:42 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Allstar Energy Limited

Company Overview

Allstar Energy Limited explores, produces, and drills oil and gas. 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 2015.

Allstar Energy Limited Key Developments

Allstar Energy Provides Update on its Riverside Project

Allstar Energy Limited continues to slowly progress its operations at the company's Riverside project in southwest Saskatchewan. Allstar completed a six-well drill program in December 2012 and January 2013 at its Riverside project near the town of Leader. All six wells encountered the oil-bearing Success formation. Three of the six wells were drilled in the southwestern portion of the land holdings. These three wells intersected as much as 45 metres of gross pay. The remaining three wells were drilled in the northeastern portion of the land holdings, targeting an updip extension of the basin, and encountered eight to 12 metres of the Success formation. Once completion operations began it became apparent that the wells had poor casing cement over the production zone, as indicated by high water cuts experienced during production, which was not consistent with production from the same formation at the nearby existing well. When downhole bond logs were completed the results showed poor and irregular cement bonding between the production casing and the formation in all six of the wells. While the company is confident all six wells can be productive, the resulting high water cuts experienced in completions of three of the wells warranted shut-in until water disposal facilities are available on site due to the high cost of third-party transport and disposal. Remediation through downhole cement squeezing will be performed with the continuation of completion operations once a water disposal facility is in place, which is scheduled for completion later this fall.

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.

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