News & Updates

Petrostar Petroleum Corporation (TSX-Venture: PEP, Frankfurt: LMQ; “Petrostar” or the “Company”) announces that:

The TSX Venture Exchange has accepted for filing a non-brokered private placement of 2,165,000 units (the “Units”) of the Company at a price of $0.08 per unit for a total of $173,200.00. Each unit will consist of one share (a “Common Share”) in the capital of the Company and one non-transferable share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of two years following the closing date at a price of $0.10 per share in the first year and $0.12 per share in the second year. The private placement is subject to a 4-month hold period.

Petrostar Enters Into Farmout Agreement With Five O Oil & Gas Ltd.

The Company announces that it has entered into a farmout agreement with Five O Oil & Gas Ltd., a private company located in Lloydminster Alberta as farmee. Under the terms of the agreement, Five O will farm in to fund a recompletion program on Petrostar\’s A7-15-48-24W3M lease near Lashburn, SK. The program will entail a recompletion program whereby the well will be re-entered and completion in the Sparky Zone at 567.5 meters attempted. Upon successful completion and sustained production, Five O will earn a 50% working interest in the 160 acre leasehold. The program is scheduled to be completed on or before august 15, 2009. More information regarding the start up date will be announced when available.

More information is available on the Company website at www.petrostarpetroleum.ca.

On behalf of the Board of Directors,

Robert A. Sim
President and 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.