News & Updates

Petrostar Petroleum Corporation (TSX-V-PEP) (the “Company”) (www.petrostarpetroleum.ca) is pleased to announce that it has completed its re-work and testing of its well located at 9-06-48-23. This well produced 20m3 (125.8 BO) during a 24 hour test and will now be placed on production. The success of the program will raise daily production from 7 to 8 producing wells with accordingly significantly higher daily output volume. The well will also serve as a terminus for a 1100m injection well planned to be drilled as part of the VRS development plan as previously announced and described (October 14, 2005, September 21, 2005). The Company, with consultation from its engineering and drilling management consultants, has finalized details to proceed with the drilling of two 1100-1400m production and injection wells to the McLaren Sand formation. In addition, the development plan will include a 540m new vertical well in LSD 16 that will be drilled to test both the McLaren and Waseca Sands and upon SIR approval commingle production from both sands. This new well, to be designated 16B-6, will also be a terminus for the VRS development of this area of the leasehold. In addition, the Company will drill an additional McLaren VRS production well that will connect wells 9-6, 10-6, 11-6 to 12-6 inclusive. The drilling and completion of these programs will require a top drive drilling rig and will use state of the art Vector Magnetics as part of the drilling process. In addition, multi-shot gyro surveys will be used to ensure drilling accuracy and pinpoint formation location. More details are expected to be available shortly.

In other developments, the specialized recovery equipment the Company is developing (NR November 15, 2005) is nearing completion with controls and machining completed and only requires delivery of armored cable to proceed with a downhole test. The Company will test the equipment on a number of its own wells. The Company believes the equipment will have the potential to significantly increase recovery of crude oil volumes. The Company intends to utilize this equipment which when combined with its planned VRS (Vertizontal Recovery System) which provides a patented stimulation and enhanced recovery technique that will involve the application of existing technology together with the implementation of the innovative specialized equipment.

ON BEHALF OF THE BOARD OF DIRECTORS

“Robert A. Sim”
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Robert A. Sim, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains 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.