News & Updates

Petrostar Petroleum Corporation (TSX-Venture: PEP, Frankfurt: LMQ) (the “Company” or “Petrostar”) announces that it has finalized design changes to its enhanced oil recovery technology, also known as the Down Hole Tool (DHT). Manufacturing of the first two of eight production units has been initiated. The new DHT has enhanced components that have been incorporated from recent field testing that will add to the versatility and capabilities of the unit. Additionally, the Company has improved on the DHT unit’s depth potential through implementation of a new cable configuration that allows for unit deployment to a depth of up to 5,000 feet. The new cable system will also improve on end user operational costs by eliminating the previously used expensive coil tube pigging and delivery method. The Company will discuss deployment of the new generation DHT with a major oil field distributor to initiate testing in both light and heavy oil formations with other oil and gas companies.

The field testing of the DHT on Petrostar’s well 15.6 is continuing and with the 600% production increase experienced on its previous test well, 9/6, the Company is anticipating similar results and the possibility of a greater halo effect due to the 15/6 well situated in a more centralized position in the field and its higher formation elevation. The Company has also awarded Valex/Delpro of Delta, BC the contract to initiate its first Electric Tank Heater (ETH) prototype. The unit will be constructed to meet CSA approvals and forwarded to the Maidstone property for initial testing. The Company is confident that, upon successful field testing and CSA approval, the improved ETH will meet the Saskatchewan Industry & Resources (SIR) requirements as discussed with a SIR representative. CSA approval is a prerequisite to preparation of a formal presentation to SIR in regards to discussions for their endorsement of the ETH and distribution to the marketplace.

As previously announced, the burner systems currently predominately in use emit potentially harmful CO2 emissions. Petrostar’s improved ETH will not only lower operating costs by reducing consumption of fossil fuels but also produce ZERO CO2 EMMISSIONS. In other developments, the Company is currently reviewing several potential acquisitions that, should they be consummated, will serve to further advance the DHT’s potential under varying light and heavy oil formation environments.

More details of these technologies are available on the Petrostar web site at www.petrostarpetroleum.ca.

On behalf of the Board of Directors,

“Robert A. Sim”
ROBERT A. SIM
President, Director

Safe Harbor Statement and Disclaimer:

This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words “expects”, “projects”, “plans”, and certain of the other foregoing statements may be deemed forward-looking statements. Although Petrostar Petroleum Corporation believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the development and production of oil wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of production operations; risks with respect to oil prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil prices and other risk factors.

The TSX-Venture Exchange Inc. has not reviewed and do not accept responsibility for the adequacy or accuracy of this release.