News & Updates

12:45 EST Tuesday, January 30, 2007

VANCOUVER, BRITISH COLUMBIA–(CCNMatthews – Jan. 30, 2007) – Petrostar Petroleum Corporation (TSX VENTURE:PEP; FRANKFURT:LMQ) (“Petrostar”) has entered into an investor relations agreement with Global Capital Group Ltd. of Fairfax, Virginia and Cologne, Germany. The investor relations agreement is for the 4 months starting on February 1, 2007 and ending on May 31, 2007. The fee payable under the investor relations agreement is US $18,750 per month and Petrostar is to grant options to purchase 500,000 shares of the Company at the price of CDN $0.20 per share for a period of five years. The options vest over 12 months in accordance with the policies of the TSX Venture Exchange.
The investor relations agreement and the grant of stock options are subject to the approval of the Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

Robert A. Sim – Director

This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed financing, failure to obtain necessary regulatory or shareholder approvals, exploration and other risk factors beyond its control and actual results may differ materially from the expected results.
FOR FURTHER INFORMATION PLEASE CONTACT:

Petrostar Petroleum Corporation
Robert A. Sim

604-662-3004 ext. 105
604-662-3063 (FAX)
www.petrostarpetroleum.ca

The Toronto Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.