News

Vancouver, British Columbia, October, 27, 2011. SIMBA ENERGY INC TSXV: SMB

October 27, 2011, Vancouver, British Columbia, Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF) is pleased to provide the following corporate update on its current activities as well as the status on a number of applications for Production Sharing Contracts (PSCs) currently in the final stages of their review and negotiation process.

Simba President & CEO Robert Dinning said, “In spite of very difficult market conditions the Company has been able to remain focused on the task of pursuing and securing the assets we have targeted. As a result, management anticipates finalizing a number of strategic PSC applications in the near future. By this time, the Company expects to be holding 100% interests in a number of Production Sharing Contracts in some very strategic and prospective blocks in Africa for its technical team to advance through the early exploration and development stages of work.

Republic of Mali – PSC for Block 3

The Company has received a formal notification that the Republic of Mali’s Council of Ministers has adopted a Decree granting Simba Energy a PSC for Block 3. This notification has been approved by the Republic of Mali’s Ministry of Mines, Energy, and Water with the support of the government agency AUREP (L’Autorité pour la Promotion de la Recherche Pétrolière au Mali or The Authority for the Promotion of Oil Research in Mali).

Management anticipates traveling to Bamako in the very near future for the formal signing ceremony and looks forward to providing further information about the block and its development plans in a more detailed news release.

Liberia – Application to convert Hydrocarbon Reconnaissance License NR-001 into PSC status

Efforts to finalize and close this negotiation have been delayed by the current national election in Liberia. A run-off election is scheduled for November 8th 2011. Officials at NOCAL (National Oil Company of Liberia) have informed that negotiations with the Company will re-commence immediately after the elections are over. Management believes that while negotiations have taken on a protracted nature, it is very close to a finalizing this agreement and anticipates a conclusion swiftly after this process resumes.

Republic of Kenya – Block 2A

The Company is now a holder of a 100% interest in the PSC for a very prospective oil block in northeastern Kenya. Since signing the PSC with the government of Kenya in August, the Company has established an office in Nairobi and commenced the process of procuring the project’s next phases of work, primarily, the reprocessing of existing historical seismic data and the acquisition of further seismic data in conjunction with initiating base line environmental studies. The tender and selection process to procure these services is expected to take six to eight weeks with work due to commence in the first quarter of 2012. The technical team continues to compile and review all currently available data.

Republic of Guinea – Blocks 1 & 2 (onshore)

The Company successfully acquired a 60% interest in a PSC for onshore Blocks 1 & 2 in the Republic of Guinea this past July. Earlier this month, in Vancouver, the Company hosted a delegation of officials from Guinea as part of their review and approval of the Company’s technical and financial capabilities. The Company is confident that it has met or exceeded all the requirements set forth and anticipates formal approval before the end of this year. At this point, the Company intends to begin an aggressive assessment of basin characteristics where during its due diligence site visit the technical team observed very similar seep characteristics with those encountered at the Company’s concession in Liberia. Hyperdynamics Corporation (Texas) is currently drilling its first of two exploration wells 100 to 200 kilometres offshore from Blocks 1&2.

In addition to the above, the Company’s management and technical staff remain active pursuing a number of other assets in the region. Finally, in these coming weeks, those already familiar with Simba Energy can expect to see a new look and branding for our company.

Simba Energy is a Vancouver, B.C. based oil and gas Exploration Company focusing on underexplored, overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). This region has shown increased promise for development of new hydrocarbon deposits. The Company’s Senior Management Team aims to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.

ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO

For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca, or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.

We seek safe harbour.

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” This document includes forward- looking statements. When used in this document, the words “potential”, “plan”, ”could”, “estimate”, “expect”, “intend”, “may”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. Although Simba Energy Inc. believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements”

Vancouver, British Columbia, October, 24, 2011.SIMBA ENERGY INC TSXV: SMB

October 25, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF), announces, subject to Exchange approval, the Board of Directors intend to re-price 21,161,250 share purchase warrants issued on January 20, 2011. The warrants were issued pursuant to a private placement of 42,322,500 units at $0.08 per unit, each unit consisting of one common share and one-half of one share purchase warrant, each whole warrant exercisable into one common share at $0.16 per share until January 20, 2012. Upon acceptance of the TSX Venture Exchange, the new exercise price of the warrants will be $0. 11 with the expiry date remaining at January 20, 2012.

Simba Energy is a Vancouver, B.C. based oil and gas exploration company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). The region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.

ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO

For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca, or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.

We seek safe harbour.

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” This document includes forward- looking statements. When used in this document, the words “potential”, “plan”, ”could”, “estimate”, “expect”, “intend”, “may”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. Although Simba Energy Inc. believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements”

Vancouver, British Columbia, October, 17, 2011. SIMBA ENERGY INC TSXV: SMB

Simba Energy Inc. (the”Company” or “Simba”); (TSXV:SMB); (Frankfurt: GDA) is pleased to report that the Company has successfully hosted a delegation from the Ministry of Mines and Energy, Republic of Guinea at its Head Office in Vancouver, Canada.

On July 27 of this year, the Company announced an agreement with Summa Energy S.A., to acquire as the operator, a 60% interest in a Production Sharing Contract for Blocks 1 & 2 onshore Bove Basin, subject to Government approval. The delegation was here to review Simba`s technical and financial capabilities as part of due diligence relating to this agreement.

Robert Dinning, President and CEO, remarks, “Management believes it successfully demonstrated the merits of Simba`s financial and technical capabilities to the satisfaction of these officials. Our geological staff concluded Blocks 1 & 2 represent significant potential for oil and gas in a relatively underexplored basin. We are further encouraged by Hyperdynamics Corporation having just commenced the first of two exploration wells to be drilled off shore from Blocks 1 & 2 during these coming months and are eager to begin our exploration program. ”

Simba has also applied to list its shares on the OTCQX Marketplace in the U.S.A.

Simba Energy is a Vancouver, B.C. based oil and gas exploration company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). The region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their technical expertise and industry affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.

For further information contact:

Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca , or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” This document includes forward- looking statements. When used in this document, the words “potential”, “plan”, ”could”, “estimate”, “expect”, “intend”, “may”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. Although Simba Energy Inc. believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements”

August 03, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF), is pleased to announce the Company has been granted a Production Sharing Contract (PSC) by the Ministry of Energy, Republic of Kenya for Block 2A, comprising 7,801.72 square kilometres in northeast Kenya.

“We are delighted in having been awarded this PSC from the Republic of Kenya’s Energy Ministry. This is a major achievement for the Company and further supports our strategy to pursue underexplored and overlooked onshore basins in Africa. While we remain very close to finalizing other PSC applications elsewhere, Block 2A’s PSC provides our shareholders a very significant boost in near term upside exploration potential for the Company. It has been a lot of work to get to this point so we are extremely pleased” remarks Robert Dinning, President & CEO.

Block 2A overlies the southern tip of the Mandera Basin while the southwest corner of the block extends into the Anza Basin. Block 2A also has excellent potential for significant oil and gas discoveries as evidenced by the following evaluation highlights:

• The Mandera Basin is Permo-Triassic to Tertiary in age with a sediment thickness of 10,000 meters. Potential source rock interval is mid Jurassic-Lower Cretaceous and comparable with the larger Mandera-Lugh basin in Ethiopia and Somalia
• Only four wells have been drilled in the Mandera basin with oil shows encountered at 40-44m in the Tarbaj stratigraphic well drilled by Total
• In the Anza basin lower Cretaceous reef structures have been mapped with a potential reservoir thickness of 300m-500m. Source rock is likely Lower Cretaceous. The eleven wells drilled in the Anza Basin have encountered oil shows and/or gas shows
• Present 2D seismic coverage, although regional in nature, identified numerous structures and a major stratigraphic inch-out.The limited seismic coverage available indicates a stable stratigraphic sequence with some very good exploration leads;
• Remaining of exploration interest to the Company is the flank of the basement high structure where two AMOCO wells drilled in 1987 (ELGAL#1 to 1,280 meters in Permian Karroo and ELGAL#2 to 1,908 meters in Triassic Karroo) were plugged and abandoned as no reservoir rocks were encountered
• The area of the block overlying the Mandera basin is of particular interest as the analysis of the oil from the seeps at Tarbaj although severely biodegraded indicate a source rock maturity for the Mandera basin which is well within the oil window

The Company will immediately begin re-interpretation of all available existing data, as well as initiate baseline environmental work, to support the design and planning of a new seismic acquisition program.

To view a map providing location of Block 2A in Kenya please visit the Company’s website or select the following link: www.simbaenergy.ca/Simba_Block_2A_Kenya_Location_Map.pdf

James Dick, P.Geol., P.Eng., Director of the Company and Qualified Person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.

Simba Energy is a Vancouver, B.C. based oil and gas exploration company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). The region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.

ON BEHALF OF THE BOARD
Robert Dinning, President & CEO

For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca , or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.

We seek safe harbour.

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the exploration merits of the property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation.

July 27, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (“Simba” or the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF), announces it has signed an Agreement to acquire a 60% interest in the PSC (Production Sharing Contract) for Blocks 1 & 2 comprising 12,000 square kilometres onshore in the Republic of Guinea’s Bove basin.

Under terms of the agreement, Summa Energy is transferring to Simba Energy a 60% interest in the PSC covering Blocks 1 & 2. Simba will provide 100% funding of all program costs in the first year, and 60% of all program costs thereafter.

The finalization of this agreement is subject to receipt of approval from the Republic of Guinea’s Minister of Mines and Geology (Le Ministere des Mines et de la Geologie). A work program, including planning for commencement of a seismic program, will proceed immediately after receipt of final approval from the Minister of Mines. Simba recently conducted a detailed review of technical data on Blocks 1 & 2 and concluded a significant potential for oil and gas exists.

• Migration and communication are demonstrated by the presence of seeps, large accumulations of bio-degraded heavy oil at surface, along with light oil staining in earlier (historical) core and samples
• A detailed laboratory analysis of samples from two wells carried out in 1989 by Beicip (France) indicated a level of maturity as mature to over mature and a source that is likely oil prone
• Silurian shales, which are the major source rock in all North African basins, are present
• The basin has three known reservoir systems with fair to good reservoir parameters in both clastic sediments and carbonates
• A gravity and magnetometer survey carried out over the entire basin in 1972 by Texas Geophysical Company indicates sediments were present up to a depth of 4,000 metres and identified numerous anomalies, the magnitude of which remain of great interest
• Most of the basin’s wells to date were drilled prior to the 1960’s and were too shallow to fully evaluate the section
• The tectonic style of the Bove basin is such that structures are formed that produce traps capable of pooling large reserves

In an area 100 to 200 kilometres offshore from Blocks 1 & 2 Hyperdynamics Corporation (Houston, TX, NYSE Amex: HDY) recently carried out extensive 2D & 3D seismic surveys and now plans to drill the first of a two well program later this year.

Robert Dinning, President & CEO of Simba said, “This agreement is a major milestone for the Company, and further supports our strategy of pursuing underexplored onshore basins in Africa. The Company also advises it has completed PSC applications with other jurisdictions in the region, and expects to close these very shortly. When completed the Company will possess an exciting portfolio of exploration properties in addition to the PSC for Blocks 1 & 2 just acquired in Guinea”.
To view a map detailing the geographic scope of this acquisition, please visit our website or select the following link: http://www.simbaenergy.ca/images/simba_blocks1and2_guinea.pdf
James Dick, P.Geol., P.Eng., Director of the company and Qualified Person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.

Finder’s Fees on this acquisition will be paid in accordance with TSX Venture Exchange policy.

July 06, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (the “Company”) (TSX-V: SMB, Frankfurt: GDA, OTCBB: SMBZF), has received an official invitation from the National Oil Company of Liberia (NOCAL) to meet in Monrovia, Liberia during the week of July 18, 2011 to commence the final negotiation process for Simba Energy Inc.’s formal Production Sharing Contract (PSC) application. A Draft Production Sharing Contract (PSC) has been received from NOCAL and Simba Energy is currently reviewing this draft PSC and will be in attendance the week of July 18, 2011 to finalize discussions which it anticipates will lead to the issuance of the onshore PSC.

Pursuant to our previous announcement in October 2010, Simba Energy submitted its application to the National Oil Company of Liberia (NOCAL) to convert its current Hydrocarbon Reconnaissance Permit (NR-001) into a Production Sharing Contract (PSC). Since then, the Company has had extensive meetings with NOCAL to review, advance, and finalize this PSC application. During this period there have been changes to management and the board of directors of NOCAL, as well as a moratorium imposed by the Government on new (offshore) PSC applications. The Company is pleased to confirm it has successfully completed all required negotiations and discussions with NOCAL and will be in attendance the week of July 18, 2011 to finalize discussions which it anticipates will lead to the issuance of the onshore PSC.

The formal letter received by Simba Energy from NOCAL also stated that the delay in reaching the final negotiation process was due mainly to the lack of a “Model Production Sharing Contract for onshore oil” along with the reorganization within NOCAL`s offices.

Mr Robert Dinning, President and CEO is quoted “This invitation and meeting represents the final step in the process for the Company’s application to convert its current exploration license into a PSC. We look forward to finalizing this application process so we can begin our planned activities and continue to contribute socially to the communities within our area of work.”

Simba Energy is a Vancouver, B.C. based oil and gas Exploration Company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana). This region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.

ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO

For further information please contact Simba Energy Inc., Mark Sommer, Toll Free 1-855-777-4622 or visit: www.simbaenergy.ca or www.simbaenergy.ca/commercial.html or email info@simbaenergy.ca

We seek safe harbour.

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the exploration merits of the property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation.

has granted stock options to its directors, officers and consultants, under its stock option plan, for the purchase of up to 6.6 million common shares of the Company for a period of three years at a price of $0.20 cents per share.

On Behalf of the Board,
“Robert Dinning”, President and CEO

For further information contact Robert Dinning, President and CEO of the Company at:
rdinning@goldstarresources.com Telephone: (604) 641-4450 Facsmile: (604) 669-9335

Tavistock
Jonathan Charles
Tel: +44 (0)207920 3150
Mob: +44 (0)7791 892509
Email: jcharles@tavistock.co.uk This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Ethos Consulting Inc. (Vancouver)
Investor Relations
1-888-818-1365
www.ethosir.com

Vancouver, BC, Simba Energy Inc. (the “Company”) (TSX-V: SMB) provides the following update on its Humanitarian Society’s activities in Liberia.

During the past year, Simba Energy Liberia, Inc., as part of its continuing Social Welfare Program, had its employees visit the medical clinics in our designated Reconnaissance Permit area to inquire as to medical supplies needed in their clinics. Based on the supply list provided, Simba Energy purchased supplies specifically for each individual medical clinic and then management and staff visited the clinics to deliver these supplies. Local community leaders and healthcare providers and villagers turned out to express their gratitude and appreciation. Country Manager, George Garteh extended Simba’s wish of good health to everyone in the surrounding communities.

This is the second year that Simba Energy has provided Social Welfare to the local communities in the permitted area. Last year the program included medical supplies similar to this year and also provided building repairs and supplies to schools in the area. Phase two of this year’s Social Welfare Program will again provide assistance to schools in these communities. This Social Welfare program is part of Simba Energy’s pledge to contribute to the communities in which we work.

In June, 2010, the Simba Energy Humanitarian Society contributed building materials needed to start construction of a new health clinic in Caldwell. It is expected that roof construction will begin in April of this year, which Simba Energy Humanitarian Society has agreed to provide the necessary roofing materials.

Robert Dinning, President, CEO & Director commented that “The Simba Energy Humanitarian Society is a non-profit organization created to carry out Simba Energy’s corporate social responsibilities. The Simba Energy Humanitarian Society focuses on and assists the communities in Africa where Simba Energy has exploration interests.”

Simba Energy is also pleased to announce that it has joined the social media communities of Twitter and Facebook. You can find us at:
Twitter: @Simbaenergy
Facebook: http://www.facebook.com/home.php#!/pages/Simba-Energy-Inc/wall

Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on strategic hydrocarbon opportunities in Africa (Liberia, Ghana and Mali). This region has shown increased promise for development of new hydrocarbon deposits. The Company holds the first and only onshore Hydrocarbon Reconnaissance Permit issued in the country of Liberia for 1,366 sq. kms covering the entire onshore extent of the sedimentary basin known as the Robert-Bassa Basin. In having advanced the license to now warrant acquisition of seismic data Simba has exercised its right to convert this license to a Production Sharing Agreement (PSA) with final approval expected. Simba is the first junior resource company to pursue onshore oil and gas opportunities in Liberia since the late 1970’s.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO

For further information contact Simba Energy Inc. at 604 641 4450, or visit www.simbaenergy.ca

Tavistock
Jonathan Charles
Tel: +44 (0)207920 3150
Mob: +44 (0)7791 892509
Email: jcharles@tavistock.co.uk

Ethos Consulting Inc. (Vancouver)
Investor Relations
1-888-818-1365
www.ethosir.com

Pursuant to our previous announcement in October 2010, Simba Energy submitted its application to the National Oil Company of Liberia (NOCAL) to convert its current Hydrocarbon Reconnaissance Permit (NR-001) into a Production Sharing Agreement (PSA). Since then, the Company has had extensive meetings with NOCAL to review, advance, and finalize this PSA application. During this period there have been changes to both the management and the board of directors of NOCAL, as well as a moratorium imposed by the Government on new (offshore) PSA applications. The Company is pleased to confirm it has successfully completed all required negotiations and discussions with NOCAL and is now awaiting a final meeting with the Technical Committee to formalize an executed agreement.

Robert Dinning, President & CEO, commented “I wish to recognize all parties involved with the continued effort and the general support required to advance Simba’s PSA application through the many levels of assessment and review required by the various agencies within the National Oil Company of Liberia and the Government. Our team on the ground at our Liberian offices was also very active with implementation of various social programs in the communities in and around the designated areas where the Company intends to expand its exploration activities.”

Upon formal receipt of this PSA in Liberia, the Company will immediately begin preparations to carry out extensive 2D Seismic and Passive Seismic surveys over the 125 square kilometre area which it has already identified as one continuous seep (see also news release from April 13, 2010). With these efforts the company expects to obtain the stratigraphic data necessary to determine if the characteristics required for collection or trap structures are present before subsequent exploration drilling commences.

As announced in December 2010, Simba Energy formally submitted an application for a (hydrocarbon) Production Sharing Agreement (PSA) on Block 3 in Mali, West Africa. This is a considerably large block located in the northern part of Mali consisting of 22,000 square km and is in an area where extensive exploration is underway. As part of the PSA application review process, a Company delegation including Senior Management recently met in Mali to review the application with officials from all related agencies. The Company is pleased to confirm that any and all aspects of the application have been completely addressed and resolved to the satisfaction of these respective agencies and the management of AUREP (French Version/Authority for the Promotion of Oil Research to Mali) and the Company is now awaiting final approval of its application.

Simba Energy, in late 2010, submitted its application for a Production Sharing Agreement (PSA) in Ghana. This application covers a significant area and is currently being processed through their technical committees. We are awaiting their report regarding any further information that may be required and hope that this application should reach the final decision stage within the next 60 days.

President and CEO Robert Dinning remarks, “We are very pleased with the progress our management team has made during the past 12 months as the Company transformed itself from a mining orientated exploration company to one focused on oil and gas exploration in West Africa. It has been challenging and the management team has done an outstanding job fulfilling any and all requirements put to it by the various governments and agencies while assessing and applying for the exciting petroleum assets we chose to pursue. We have also been able to build a number of high quality relationships within a number of jurisdictions that will surely be helpful going forward. In this same timeframe, the general global economic outlook as well as the market for oil as a commodity has improved significantly now putting the Company in the best position it has been in since its re-organization just over one year ago to take advantage of geographic inroads it has made in the past year”.

Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on strategic hydrocarbon opportunities in Africa (Liberia, Ghana and Mali). This region has shown increased promise for development of new hydrocarbon deposits. The Company holds the first and only onshore Hydrocarbon Reconnaissance Permit issued in the country of Liberia for 1,366 sq. kms covering the entire onshore extent of the sedimentary basin known as the Robert-Bassa Basin. In having advanced the license to now warrant acquisition of seismic data Simba has exercised its right to convert this license to a Production Sharing Agreement (PSA) with final approval expected. Simba is the first junior resource company to pursue onshore oil and gas opportunities in Liberia since the late 1970’s.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO

For further information contact Simba Energy Inc., Robert Dinning, Chief Executive Officer at 604 641 4450, or:

Tavistock
Jonathan Charles
Tel: +44 (0)207920 3150
Mob: +44 (0)7791 892509
Email: jcharles@tavistock.co.uk

Ethos Consulting Inc. (Vancouver)
Investor Relations
1-888-818-1365
www.ethosir.com

For more information please visit: www.simbaenergy.ca

Vancouver, B.C., Canada – January 24, 2011 – Simba Energy Inc. (the “Company”) announces that it has closed its private placement first announced on December 30, 2010. The Company issued 42,322,500 units at $0.08 per unit for total gross proceeds of $3,385,800. Each unit consists of one common share and one-half of one transferable share purchase warrant, each whole warrant exercisable into one additional common share until January 20, 2012, a price of $0.16 per share. All securities issued under the placement are subject to hold periods expiring on May 21, 2011.

The Company paid $93,540 in finder’s fees in respect of the placement.

The majority of the proceeds will be used for the payment of government fees, preliminary ground work expenses and office setup fees in Mali, as well as licensing and survey costs and general overhead costs in Liberia for the next several months. The Company will also use general working capital funds to continue its pursuit of Production Sharing Agreements in Ghana and will continue to pay down outstanding payables and other liabilities as required.

The Company also announces that Casey Forward has resigned as director and Chief Financial Officer of the Company. The Company thanks Mr. Forward for his years of service. Mr. Keith Margetson C.A. has been appointed Chief Financial Officer of the Company effective immediately. Mr. Margetson qualified as a Chartered Accountant in 1975 and has operated his own accounting firm since 1992. He has 15 years experience with public companies both as an auditor and in providing other professional services.

ON BEHALF OF THE BOARD
Robert Dinning, President & CEO

For further information, contact Robert Dinning, President and CEO of the Company at:
rdinning@goldstarresources.com Telephone: (604) 641-4450 Facsimile: (604) 669-9335

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”