March 9, 2010 (FinancialWire) — Stellar Resources, Ltd. (OTCBB: SRRL) said that Elk Hills Petroleum Canada Ltd. has agreed to invest $3 million to acquire a 50% interest in Elk Hills Heavy Oil, LLC, which is currently a wholly owned subsidiary of Stellar.

The deal calls for Stellar to be paid $500,000, with $2.5 million to be paid into the bank account of EHHO for the exploration and development of oil and gas on the leases held by EHHO and general business purposes of EHHO.

Elk Hills Heavy Oil holds more than 20,000 acres of oil and gas leases in Carbon County, Montana. The property is located with 30 miles of three oil refineries, according to Stellar.

Nevada-based Stellar Resources engages in the acquisition, exploration and development of mineral properties in Canada and Tanzania.

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