News & Updates

Petrostar Petroleum Corp (C:PEP)
Shares Issued 80,765,402
Last Close 9/2/2008 $0.415
Wednesday September 03 2008 – News Release

Mr. Robert Sim reports

PETROSTAR ETH ZERO CO2 TECHNOLOGY UPDATE

On June 11, 2008, Petrostar Petroleum Corp. installed its first ETH (electric tank heater) and control panel, which has been operating flawlessly with 100-per-cent efficiency. The unit is capable of replacing current burner tube tank heating devices and has a zero CO2 (carbon dioxide) emission signature, as well as reducing operating costs by using power generated from top drive motors and eliminating the fuel requirements of the burner units. The ETH unit has been delivering between 29,000 to 14,000 British thermal units per hour to heat the oil and treat/clean it before shipping. The ETH technology is currently Canadian Standards Association (CSA)-compliant for field replacement and will be fully CSA approved for installation at the manufacturing and construction stage with production and sales tank suppliers in the near future.

Currently the company will showcase the system to prospective clients and users, and expects to announce initial sales of the units shortly. The unit will be available for inspection at the Lloydminster Oil show commencing Sept. 10, 2008, to Sept. 12, 2008.

The company will also produce a dual ETH control panel, which will allow two units to be run in tandem and incorporate a power phase control that supplies power on a rotating basis to the heating unit. This provides a better distribution of heat to the tank and circulation of the emulsions stored within them. An additional order for six new units is currently in progress with more to be placed shortly. The Company is also planning to expand its Lloydminster, AB base to accommodate future construction and assembly of the ETH units under its own management.

The Company is also measuring and monitoring the reduction of CO2 that occurs on tank units that are currently using the burner tube equipment to maintain production and sales tank heating.

The burner tube systems using propane or natural gas fuels produce quantities of CO² in the range of 14kg-25 kg/day into the atmosphere whereas the ETH produces zero. This may be the most important factor in making this system a valuable commercial product as regulatory agencies impose pending penalties for those who do not reduce their emissions.

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.