News & Updates

Mr. Robert Sim reports

BAKKEN EXPLORATION CONTINUES; FLOW-THROUGH SHARE OFFERING AMENDED

Petrostar Petroleum Corp. plans to proceed with its continuing Bakken exploration program and has received drilling permits for its next two Bakken wells in southeast Saskatchewan. The drilling of its next well will begin immediately after rig move-in, which is scheduled for Friday, Oct. 31, 2008. The drilling contract has been awarded to Ensign Energy Services. The wells to be drilled under these permits are 100 per cent owned by Petrostar. More details will be released as the program proceeds.

In other developments, the Company is amending its offering announced October 16, 2008. The ongoing market turmoil and ongoing decline in oil prices require that the Company make an offering price that is acceptable to the current market and that will enable it to raise drilling funds to proceed with its ongoing projects. The Company now plans to issue, through a non-brokered private placement, up to 8,000,000 units (the “Units”) of the Company at a price of $0.15 per Unit for a total of $1,200,000.00. Each Unit will consist of one flow-through share (a Flow-Through Share”) in the capital of the Company and one non-transferable share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of two years following the closing date at a price of $0.20 per share in the first year and $0.25 per share in the second year. The private placement is subject to the acceptance of the TSX Venture Exchange and all shares issued thereunder will be subject to a 4-month hold period.

The funds will be used to fund an ongoing drilling program on Petrostar’s leases that 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.

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.