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Pink OTC Markets Inc.: Eastern Star Gas Limited Joins International OTCQX

^{Published on 2009-01-13 13:10:08, Last Modified on 2009-01-13 13:11:57 - Market Wire}
 

NEW YORK, NY--(Marketwire - January 13, 2009) - Pink OTC Markets Inc., the leading electronic inter-dealer quotation system, trading technology and financial information provider for over-the-counter (OTC) securities, today announced that Eastern Star Gas (PINKSHEETS: [ ESGLY ]) (OTCQX: [ ESGLY ]) (ASX: [ ESG ]), an Australian company focused on the exploration, development and production of coal seam gas, has chosen to list its American Depositary Receipts (ADRs) on International OTCQX.

Eastern Star's ADRs began trading today on the OTC market's prestigious tier, International PrimeQX. Investors can find current disclosure and financial information for the company on [ www.otcqx.com ] and [ www.pinksheets.com ].

"We are pleased to welcome Eastern Star Gas to the International OTCQX market tier," said R. Cromwell Coulson, Chairman and CEO of Pink OTC Markets Inc. "As an International OTCQX-listed company, Eastern Star Gas distinguishes itself as one of the most prestigious companies trading over-the-counter, and provides U.S. investors with access to their latest news and disclosure information, which can increase U.S. investor awareness and participation."

Eastern Star's Managing Director, Mr David Casey, said: "The listing of Eastern Star on OTCQX will provide the company with significant ability to access the U.S. capital markets via a local U.S. market. We are very pleased to be listing on OTCQX."

U.S. investment bank Merriman Curhan Ford will serve as Eastern Star Gas Company's Principal American Liaison ("PAL") on the International OTCQX, responsible for providing guidance on listing requirements.

"We are pleased to sponsor Eastern Star Gas and help them gain U.S. institutional investor visibility from our capital markets leadership in the advanced hydrocarbon technology subsector," said Stephen Nash, managing director and head of Merriman Curhan Ford's OTCQX Advisory Group. "Eastern Star Gas represents Merriman's seventh Australian company to list on OTCQX -- the most out of any investment bank PAL. OTCQX is a highly visible platform that has attracted nearly 50 global companies from more than 13 countries since early 2007 with a consolidated market capitalization of $300 billion."

Eastern Star's ADRs will trade in the United States on International OTCQX under the ticker "ESGLY" where each ADR will represent twenty ordinary shares. Eastern Star's shares are also listed on the Australian Securities Exchange (ASX). The company's headquarters are in Sydney, Australia.

About Eastern Star Gas Limited

Eastern Star Gas Limited (ASX: [ ESG ]) (PINKSHEETS: [ ESGLY ]) (OTCQX: [ ESGLY ]) is focused on exploration, development and production of coal seam gas in Australia.

The company's main activity, the Narrabri Coal Seam Gas Project, is located in Petroleum Exploration Licence 238 adjacent to the township of Narrabri in the state of New South Wales Australia. ESG holds a 65.0% interest in the PEL 238 and is the operator. The remaining 35% interest is held by Gastar Exploration Limited (AMEX: [ GST ]) (TSX: [ YGA ]). PEL 238 covers 9,100 kms² (2.25 million acres) of the Gunnedah Basin, the most lightly explored portion of the Bowen-Gunnedah-Sydney Basin complex which presently supplies the dominant proportion of Australia's coal seam gas production. Production testing is underway at two locations (Bibblewindi and Bohena) and, on the basis of the production pilots and the first four coreholes drilled in the Dewhurst area, 2P gas reserves of 336 Petajoules (316 BCF) and 3P gas reserves of 1,300 Petajoules (1225 BCF) were independently certified as at on 30 September 2008.

Further reserves will be generated in 2008/09 in PEL238 through the current corehole programme and the completion of 4 multi-lateral production pilot wells at Bibblewindi and Dewhurst. The in-seam, or horizontal, section of the multi-lateral wells will have a notional length of around 1 km (3,300 feet), and will be drilled perpendicular to the fracture system within the target coal seams to maximise connectivity resulting in many times greater flow rates than can be achieved from vertical, fracture-stimulated wells.

Test gas from the production pilots will be connected into ESG's Wilga Park Power Station which will, be expanded to take production test gas in addition to gas currently supplied from ESG's Coonarah gas field. MOU's for the supply of gas from PEL 238 have been signed with Macquarie Generation (up to 500 PJ / 471 BCF) and Babcock & Brown (up to 40 PJ/a / 38 BCF/a). For more information, please go to [ www.easternstar.com.au ].

About Merriman Curhan Ford

Merriman Curhan Ford (NASDAQ: [ MERR ]) is a financial services firm focused on fast-growing companies and the institutions who invest in them. The company offers high-quality investment banking, equity research, institutional services, primary market research, corporate & executive services, asset management and venture services, and specializes in three growth industry sectors: CleanTech, Consumer/Internet/Media and Health Care. For more information, please go to [ www.mcfco.com ].

About International OTCQX

International OTCQX provides a gateway to U.S. securities markets for international companies that are listed on a qualified non-U.S. exchange and provide ongoing disclosure in English to U.S. investors. More importantly, International OTCQX distinguishes the reputable international issuers from the 8,000 over-the-counter (OTC) securities traded in the U.S. Only leading companies that have substantial operating businesses and provide credible disclosure to the public are eligible for inclusion on the premium-tier International OTCQX, which commenced trading on March 5, 2007. For more about International OTCQX, visit [ www.otcqx.com ].

About Pink OTC Markets Inc.

Pink OTC Markets Inc. provides the leading inter-dealer electronic quotation and trading system in the over-the-counter (OTC) securities market. We create innovative technology and data solutions to efficiently connect market participants, improve price discovery, increase issuer disclosure, and better inform investors. Pink OTC Markets operates the third largest U.S. equity trading venue which includes both the elite OTCQX market tiers for strong OTC-traded companies that can satisfy financial and disclosure listing standards and Pink Sheets for all other OTC quoted securities.

Over 230 financial service firms, including the ten largest U.S. investment banks, actively make markets in OTCQX and Pink Sheets quoted securities and in 2007 these firms traded over $160 billion of OTCQX and Pink Sheets securities. Pink OTC Markets offers widespread access to all U.S. broker-dealers, enabling investors to seamlessly trade these securities through their institutional, online, or full service brokers.

Pink OTC Markets is headquartered in New York City.

To learn more about how Pink OTC Markets' products and services make OTC markets more transparent, informed, and efficient, please visit our websites at [ www.pinksheets.com ] and [ www.otcqx.com ] or contact us at [ info@pinkotc.com ].