May 12, 2009 (FinancialWire) — Stellar Resources, Ltd. (OTCBB: SRRL) (Current Market Cap: US$2.06 Mil.) said that Luigi Rispoli has resigned his position as chief executive officer, but will continue as the company’s president. The company appointed Lee Balak as a director and CEO.

Balak has worked in various capacities from, founder to CEO, over a 30 year career. He has specialized experience on projects located within Asia, Africa and Central and South America, according to Stellar.

Henderson, Nevada-based Stellar Resources engages in the acquisition, exploration, and development of oil and gas properties in Canada and the United States. It has an option to earn a 50% interest in 2 land packages, Beatton and Alces claims covering an area of around 7,448 hectares located in the northeast part of British Columbia, Canada.

The company was founded in 1999. It was formerly known as V.I.P.C. Com and changed its name to Stellar Resources in 2003.

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