Palm Beach, FL 7/12/12 (StreetBeat) -- Circle Star Energy Corp. (OTCBB:CRCL) (the "Company" or "Circle Star") an emerging development and production company with interests in several notable oil and gas plays in Texas and Kansas is pleased to announce two transactions resulting in the acquisition of leases totaling approximately 12,500 and 1,500 acres in Sheridan and Trego Counties, Kansas, respectively.
The acquired leasehold interests include 100% working interest and an average net revenue interest of approximately 80%. Additionally, the transactions include approximately 6.5 square miles of processed 3D seismic.
The consideration for the acquisitions includes a combination of cash and common shares of the Company for a total consideration of less than $130 per acre.
Jeff Johnson, CEO of Circle Star Energy, comments, "The acquisition of this leasehold acreage in Northwest Kansas is another step toward developing a meaningful position in a potential world-class oil play, which is still in the early stage of its life-cycle." Johnson continues, "Over the past few months, we have seen several larger oil companies take acreage positions in and around our focus area. We look forward to drilling and developing these assets later this year, with the goal of providing short-term production growth and long term shareholder value."
The common shares issued in connection with the acquisitions have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws.
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