News & Updates

Petrostar Petroleum Corporation (TSX-Venture: PEP, Frankfurt: LMQ; “Petrostar” or the “Company”) is pleased to announce a new discovery well (A3) in an area of SE Saskatchewan not being currently drilled by other producers.

The well encountered 19m of pay locked in a sandstone formation with excellent porosity and good permeability. A3 is expected to flow on its own (light oil), and may not require stimulation. The importance of this discovery is that it was found in a sandstone formation and the Company is confident that no water issues will need to be addressed; which is the case with other Bakken discoveries. The Company has now moved the drilling rig to its next location and will announce details shortly. Petrostar will test A3 and bring it on production over the next few weeks.

The leases are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montana & North Dakota in the USA.

The Company is continuing to locate and has acquired substantial PNG rights to additional lands within the general area of the Bakken play and Petrostar’s general area of interest.

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.