News & Updates

Petrostar Petroleum Corp.’s current board of directors was re-elected at the company’s annual general meeting held on July 17, 2009. The board of directors has elected Bruce Scafe as president and chief executive officer of the company. William Stafford and Salvatore Giantomaso were re- elected as directors to the board, and Robert A. Sim was elected director and chief financial officer.

Update CSA approval for electric tank heater

On July 16, the company received verbal confirmation from Valex Manufacturing Inc., the CSA submitter on behalf of Petrostar Petroleum, that the electric tank heater unit has successfully completed CSA safety standards mass approval testing. CSA certificates will be issued to the company within three weeks. The company has been in discussions with prospective buyers during this time to initiate sales and will now be able to increase its activity in this area. Additionally, the company has been informed that it has received its updated filing receipt from the United States Patent & Trademark Office.

Bakken exploration program

The company is planning to return to perform completion work on its 01-26-014-31W1M well drilled in the vicinity of Moosomin, Sask. Subject to results, the well will be placed on production or will be re-entered and directionally drilled an additional 50 metres to 100 metres into the formation at some future date. The company is currently conducting a geological review of its Bakken leaseholds, prior to pursuing joint venture partners for future development on its 100-per-cent-owned leases located in southeast Saskatchewan and southwest Manitoba.

Additional information is available at the Petrostar web site at petrostarpetroleum.ca or toll free at 877-737-8864.

On behalf of the Board of Directors,

Bruce Scafe
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.