Petrostar Petroleum News » Bakken

Petrostar To Continue Bakken Development Program…

admin — Thu, 18 Feb 2010 21:07:56 +0000

Petrostar Petroleum Corp. (TSX-Venture: PEP, Frankfurt: LMQ; “Petrostar” or the “Company”) announces that work is scheduled to commence on one of the company’s 100% owned P&NG leases that are located in the SE. Saskatchewan extension of the prolific Bakken oil formation. This work is scheduled to begin on or before February 24 2010. The company has contracted Innovative Supervision Ltd. of Estevan, Saskatchewan to supervise and complete the project. The extent of this initial work program will be to re-enter and re-complete the A1-26-14-31W located near Moosomin, SK l in order to place the well on production. The A1-26 well was initially drilled and completed in the fall of 2008, with positive results. Oil sands were encountered and the well completed through to installing production facilities including pumps and storage tank. However completion technicalities failed to sustain production. Petrostar management has determined that the well was perforated in a shale stringer of the zone with resulting poor inflow. What production inflow occurred was light oil (32API) with no water content. The recommendations of the latest geologic and engineering assessment are that the zone be perforated to its full extent above and below the old perfs. Petrostar management has decided to proceed with these recommendations. It is the consensus that A1-26 will be a producing well and will be a new discovery in this area for Petrostar. Once this re- work program is completed, flow rates will be determined and announced and the well placed back on production. Petrostar management will then look to expanding their exploration programs on its leases that are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montana and North Dakota in the USA. To date the Company has acquired P&NG leases covering some 30 locations, both in the SE Saskatchewan area and in SW Manitoba.

On behalf of the Board of Directors,

Bruce Scafe
President
Petrostar Petroleum Corp.
1-877-737-8864
1-250-710-4022 Cell
bscafe@shaw.ca

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.

Petrostar Petroleum Corp. Elects New President; Electric Tank Heater Approval; Bakken Well Update

admin — Wed, 22 Jul 2009 17:23:00 +0000

Petrostar Petroleum Corp.’s current board of directors was re-elected at the company’s annual general meeting held on July 17, 2009. The board of directors has elected Bruce Scafe as president and chief executive officer of the company. William Stafford and Salvatore Giantomaso were re- elected as directors to the board, and Robert A. Sim was elected director and chief financial officer.

Update CSA approval for electric tank heater

On July 16, the company received verbal confirmation from Valex Manufacturing Inc., the CSA submitter on behalf of Petrostar Petroleum, that the electric tank heater unit has successfully completed CSA safety standards mass approval testing. CSA certificates will be issued to the company within three weeks. The company has been in discussions with prospective buyers during this time to initiate sales and will now be able to increase its activity in this area. Additionally, the company has been informed that it has received its updated filing receipt from the United States Patent & Trademark Office.

Bakken exploration program

The company is planning to return to perform completion work on its 01-26-014-31W1M well drilled in the vicinity of Moosomin, Sask. Subject to results, the well will be placed on production or will be re-entered and directionally drilled an additional 50 metres to 100 metres into the formation at some future date. The company is currently conducting a geological review of its Bakken leaseholds, prior to pursuing joint venture partners for future development on its 100-per-cent-owned leases located in southeast Saskatchewan and southwest Manitoba.

Additional information is available at the Petrostar web site at petrostarpetroleum.ca or toll free at 877-737-8864.

On behalf of the Board of Directors,

Bruce Scafe
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.

Activity Update

admin — Thu, 15 Jan 2009 15:34:45 +0000

Petrostar Petroleum Corporation: Activity Update

Petrostar Petroleum Corporation (TSX VENTURE:PEP – News; FRANKFURT:LMQ -News; “Petrostar”) is pleased to provide the following activity update:

Bakken Exploration Program

The Company has drilled 3 wells in the Moosomin area of SE Saskatchewan and acquired some 30 additional PN&G leases that are all located in the prolific Bakken Oil Play. The current well has been perfed and production equipment installed. A testing program will be carried out on this latest well subject to weather and services availability. Severe winter conditions continue to hamper operations in this area. The initial 2 wells continue under a tight-hole status. Activity will resume at some future date.

DHT & ETH Technologies

In September 2008 the Company entered into a rental agreement with Oilsands Quest Inc. whereby Oilsands would test Petrostar’s DHT (Down Hole Tool-DHT2) at their Northern Axe Lake, SK facility. During the initial DHT testing period, Oilsands will pay a monthly rental charge of $10,000.00 plus GST. That agreement has been extended to March 2009 from the original 3 month agreement. During initial testing, Petrostar completed and provided Oilsands with a new DHT configuration (DHT2C) that will address the specific needs of the oil sands company. The facility will require a DHT operating at 200 meters and with greater length heating rods and housing.

Should the parties agree the testing has been successful, Petrostar will provide a quotation for the manufacture of a custom DHT unit (DHT-4-Mark10-480V) that will address these specific needs.

Petrostar has increased its Lloydminster facilities to double the current size to be able to provide an assembly area for both the DHT units and its ETH (Electric Tank Heater).

The DHT3 and the custom delivery system is now completed after many months of delivery delays; is the latest DHT model; and incorporates all modifications and improvements from field tests of the DHT1&2 models, as well as having a 5,000 foot capability. This unit is now undergoing surface testing, which will continue for approximately 3 weeks after which the unit will be deployed with either a client or installed in a new well location at Maidstone. With the expanded shop facilities, Petrostar is now capable of surface testing of this and future units within the shop facilities.

In addition, testing of the ETH units will now be a standard quality control procedure. The ETH meets CSA approvals for field installation and full CSA approvals for OEM has been ongoing for several months with approvals expected to be received by April 2009. This will enable Petrostar to pursue a more aggressive commercialization of the technology. The unit is capable of replacing current burner tube tank heating devices and has a zero CO2 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 that was installed in June 2008 on Petrostar’s 10/6 battery has been delivering between 29,000-14,000 BTU/hr to heat the oil and treat/clean it before shipping. The Company continues to receive inquiries into its technologies and it is primed to make these technologies a commercial success.

More information on the DHT and ETH is available on the Company website at www.petrostarpetroleum.ca.

On behalf of the Board of Directors,

Robert A. Sim, President and Director

Petrostar to begin drilling Bakken well on Oct. 31

admin — Wed, 29 Oct 2008 15:45:20 +0000

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

Petrostar Continues Bakken Exploration

admin — Thu, 11 Sep 2008 15:00:45 +0000

VANCOUVER, BRITISH COLUMBIA – Petrostar Petroleum Corporation is pleased to announce that it has surveyed and is applying for its 3rd and 4th well drilling permit in the Bakken Oil Play in SE Saskatchewan.

The program will commence as soon as the drilling permit is received. Further details are expected to be announced shortly.

The Company is currently continuing to seek out and acquire lands of interest, and Petrostar, to date, has obtained the mineral rights to 22 separate leaseholds with more expected to be acquired in the near future.

The Company is currently testing its two initial wells under a tight hole policy as it continues to increase its presence in the SE Saskatchewan area.

The Company is also looking at acquisitions in the SW area of Manitoba, which is also included in the Bakken Oil Play.

On behalf of the Board of Directors,

Robert A. Sim, President and Director

Petrostar's DHT2 to Be Tested by an Oil Sands Company

admin — Fri, 05 Sep 2008 15:00:52 +0000

VANCOUVER, BRITISH COLUMBIA – Petrostar Petroleum Corporation is pleased to announce that it has entered into a short-term rental agreement with an oil sands company to test Petrostar’s Down Hole Tool (DHT2).

The Down Hole Tool (DHT) is a system and method for generating underground heat, steam and pressure. Specifically, the present invention relates to an electrical steam generation system that enables efficient production of downhole heating and steam production without the typical heat and pressure loss of traditional surface steam generation equipment. Should the parties agree the testing has been successful, Petrostar will provide a quotation for the manufacture of a custom DHT unit (DHT-4-Mark10-480V) that will address the specific needs of the oil sands company. The facility will require a DHT operating at 200m and with greater length heating rods and housing.

Petrostar has increased its Lloydminster facilities to double the current size to be able to provide an assembly area for both the DHT units and its ETH (Electric Tank Heater). The DHT2 has recently been under a rigorous 60-day test at Petrostar’s 15/6 well site with a 100% operating performance. The program will be for a minimum of 30 days starting September 1, 2008 and is expected not to exceed 3 months.

Petrostar plans on having its DHT3 prototype unit on display at the Lloydminster, AB oil show, which begins on September 10, 2008. The DHT3 is the latest DHT model and incorporates all modifications and improvements from field tests of the DHT1 & 2 models, as well as having a 5,000 foot capability. More information on the DHT is available on the Company website at www.petrostarpetroleum.ca.

On behalf of the Board of Directors,

Robert A. Sim, President and Director

Bakken Photos: Latest Activity

admin — Wed, 27 Aug 2008 01:13:29 +0000

Click a thumbnail for a larger version.

Bakken Photos

admin — Fri, 08 Aug 2008 18:08:02 +0000

Click on one of the thumbnails for a larger version of the photo.

Bakken Play Yields Second Discovery Well

admin — Fri, 08 Aug 2008 07:59:32 +0000

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 7, 2008) – Petrostar Petroleum Corporation (TSX VENTURE:PEP – News; FRANKFURT:LMQ – News) “Petrostar” or the “Company”) is pleased to announce a new discovery well (A5) in an area of SE Saskatchewan currently not being drilled by other producers.

The well encountered 20+m of pay in a sand formation with excellent porosity (15-30%) and good permeability. This sand zone is in the Mississippian Group of Sands.

The Company is now preparing its next drill location and will announce details shortly. Petrostar will test the A5 and, upon successful testing, proceed with production over the next few weeks.

The A3 well logs have been further analyzed and there are now 2 significant shows of oil. There is a 14+m pay zone that corresponds to the A5 well’s zone, and another shallower zone with 10+m of pay that may be lighter oil.

The Company is now evaluating the testing and production of these 2 zones in the A3 well.

The leases are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, & Manitoba in Canada 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

Bakken Discovery Well Cased for Production

admin — Thu, 31 Jul 2008 05:38:28 +0000

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.