Black Star Petroleum Limited entered into an implementation agreement to acquire Sunseeker Minerals Limited in a reverse merger transaction.

Black Star Petroleum Limited entered into an implementation agreement to acquire Sunseeker Minerals Limited (ASX:SKM) in a reverse merger transaction on August 14, 2012. Sunseeker will issue 1 Sunseeker share for every 1 Black Star share and 1 Sunseeker option for every Black Star option. The consideration consists of 55 million shares and 36.67 million options of Sunseeker. Sunseeker will change its name to Black Star Petroleum Limited to reflect the nature of its new business. As part of the acquisition, Sunseeker has agreed to loan up to AUD 1 million to Black Star on usual commercial terms to assist Black Star in meeting its completion obligations in favor of the vendors of the Nebraska Oil Project. The acquisition will result in Sunseeker Minerals acquiring a 73.07% stake in Nebraska Oil Project from Black Star Petroleum Limited. In the event that the acquisition is not approved by shareholders, and completion of the acquisition does not occur, the loan amount must be repaid by Black Star within 10 days of Sunseeker serving notice on Black Star that the loan amount must be repaid.

The transaction is subject to all necessary regulatory and shareholder approvals, approval of ASX, Sunseeker preparing a prospectus for the capital raising and lodging a prospectus with the ASIC, Sunseeker obtaining the approval of ASX for reinstatement of its securities to quotation and receiving sufficient applications to meet the minimum subscription under the prospectus, shareholder approval will be sought by way of a general meeting of Sunseeker's shareholders to be held on October 8, 2012. The Directors of Sunseeker and Black Star unanimously recommend the acquisition. Sunseeker's securities will be suspended from trading on the ASX from October 8, 2012 to October 26, 2012. The settlement of the transaction is expected to take place by October 23, 2012. Cunningham Peterson Sharbanee Securities Pty Ltd and Garrison Capital Pty Ltd acted as financial advisor to Sunseeker Minerals Limited. Stantons International Securities Pty Ltd acted as fairness opinion provider for Sunseeker Minerals Limited and will receive a fee of AUD 15000.