October 6th 2011, Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP, Frankfurt: LMQ; “Petrostar” or “the Company”) announces that as of October 5th 2011 immediate changes to the board of directors the Company.
Resignations
The company has received and accepted the resignations of Mr. Graham Riley, Mr. Bruce Balaz and Mr. Joshua Prowse as directors of the company. Resignations were given and accepted to facilitate the appointment of new board members. Management would like to thank the resigning directors for their service and dedication to the company as members of the board and wish them success in the future.
Appointments
The company has appointed the following three people as directors of the board.
Mr. Greg Thompson
Houston, Texas
Mr Thompson has over 30 years of diversified energy experience in the areas of oil and gas drilling, field operations, production, contracts, regulatory, marketing and transportation. Currently Mr. Thompson is President and General Manager of RiverWay Energy Services LLC. Mr. Thompson has performed on-site lease operation and has managed multiple producing wells. He has extensive experience in negotiations of Energy Plans and Agreements both Internationally and Domestically. Acted as Legislative liason for customers on Federal and State Regulatory issues. Other related achievements include implementing a streamlined pipeline and gathering system transportation design process. Mr. Thompson was educated attended Louisiana Tech and the university of New Orleans and has many professional affiliations including the National Energy Services Association and past president and director of the Louisiana Gas Association.
Mr. Sam Nastat
Mr. Sam Nastat has been involved in the natural resource capital markets sector for over 20 years. His professional experience entails oil and gas E&P as well as mineral exploration and development. Mr. Nastat dedicated in excess of 14 years of his career in oilfield project development. Also noteworthy are the many years he was engaged in running the largest placer Gold operation in the U.S. In the 1990’s, he operated the Tule Canyon Mine in Gold Point, Nevada. This kind of operational experience is a major asset to any developing operations company and gives Mr. Nastat a unique perspective on the industry. From 1991 to 1996, Mr.
Nastat worked as a consultant at Talon Trading Ltd. and was responsible for arranging the purchase of bulk crude oil shipments from the Middle East as well as negotiating and securing many oil field equipment supply contracts.
Mr. Nastat has spent the past three years acquiring leases in the Alberta Bakken Basin in Montana. The area has seen significant activity with successful wells being drilled.
Mr. Dennis Mee
Vancouver, B.C.
Mr. Mee is a Chartered Accountant being a member of both the British Columbia and Ontario Institute of Chartered Accountants. He is also a member of the F.E.I. Financial Executives Institute. Mr. Mee is the owner and president of Part Time CFO Inc., a Vancouver firm specializing in providing financial management expertise to start-up companies in both the private and public sector.
“ On behalf of the company I welcome the three new directors to the board of Petrostar. I believe the wealth of experience that these three gentlemen represent and bring to the board can only be beneficial to the future of Petrostar” Bruce Scafe CEO.
On behalf of the board of directors
Bruce Scafe , President and CEO
For further information please contact Bruce Scafe, President/CEO at 1-877-737-8864.
July 13, 2011, Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP, Frankfurt: LMQ; “Petrostar” or “the Company”) held its 2010 Annual General Meeting on Thursday, July 7, 2011 in Victoria, BC.
A quorum was achieved with 20.3% of the outstanding shares of the Company being represented. A representative from Computershare Trust Company acted as scrutineer.
The results of the meeting were as follows:
Set the number of directors at 6 – 100%
Election of Directors – all 100%
Bruce Scafe;
William Stafford;
Joshua Prowse;
Graham Riley; and
Bruce Balazs
Appointment of BDO Dunwoody as auditor – 100%
Ratify and approve 2011 Stock Option Plan – 100%
Approve Chairman’s right to cast second vote if necessary – 100%
Approve the sale of the ¼ section, heavy oil asset in Lashburn, SK – 100%
About Petrostar Petroleum Corp.
Petrostar is a Canadian-based oil and gas exploration company trading on the TSX Venture Exchange on Tier 2. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure to various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator.
For further information contact Bruce Scafe, President at 1-877-737-8864.
June 30, 2011, Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP, Frankfurt: LMQ; “Petrostar” or the “Company”) is pleased to announce it has received final TSXV approval for a non-brokered Private Placement of 4,358,920 units at $0.125 per unit for gross proceeds of $544,865.
Each unit shall consist of a common share and a two-year common share purchase warrant. Each warrant shall entitle the purchaser to purchase an additional common share of the Company at $0.125 per share in the first year and $0.15 per share in the second. Warrants will expire June 29, 2013.
All securities issued under this private placement are subject to a four-month hold period expiring on October 29, 2011.
All funds realized will be used for general working capital and future property acquisitions.
For further information please contact Bruce Scafe, President / CEO at 1-877-737-8864.
Petrostar Announces JV Agreement and $550,000 Private Placement
June 14, 2011 – Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP; Frankfurt: LMQ; “Petrostar” or “the Company”) has arranged, subject to TSX Venture Exchange approval, a private placement of 3,928,572 units at $0.14 per unit for gross proceeds of $550,000 CAD (“the Offering”). Each unit shall consist of one common share and a two-year common share purchase warrant. Each warrant shall entitle the holder thereof to purchase one additional common share for $0.16 in the first year and $0.18 in the second year. Proceeds will be used for funding obligations under the newly created joint venture described below and for general working capital.
Petrostar has entered into a joint venture agreement (“the JV”) with Four Sands Petroleum Corp. (“Four Sands”), a privately held resource merchant and Investment Corporation that has extensive exploration and production experience among its principal shareholders. The JV has been created to pursue oil and gas concessions throughout greater Europe and North America. The JV interests are a 30% interest to Petrostar and a 70% interest to Four Sands.
Four Sands has been actively engaged in the process of acquiring and developing projects in Europe and North America, and the formation of the JV will ensure that the Company will be able to participate in new projects with minimal initial risk or development costs. A principal term of the JV is mutual consent of the JV parties to proceed with any project. Under the terms of the JV, Petrostar will make an initial contribution to the JV in the amount of $250,000 CAD and, upon acceptance of a project, an additional $1 million for development of such project. Future contributions to the JV will be made by both parties on a pro rata basis. Four Sands has agreed to locate places for the Offering described above in an amount not less than $250,000, which will cover the Company’s initial costs of participating in the JV.
“Forming a joint venture with the experienced and successful management team of Four Sands will allow Petrostar to be part of larger opportunities and growth potential with minimal downside risk.”
Bruce Scafe, President and CEO of Petrostar Petroleum Corp.
About Petrostar Petroleum Corp.
Petrostar is Canadian-based oil and gas exploration company trading as a Tier 2 company on the TSX Venture Exchange. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure to various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator.
For further information contact Bruce Scafe, President at 1-877-737-8864.
Petrostar Announces Reinstated to Tier 2and 4:1 Rollback
June 10, 2011 - Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP; Frankfurt: LMQ; “Petrostar” or “the Company”) is pleased to announcement that on June 8, 2011 the TSXV reinstated the Company to Tier 2 and trading of Petrostar’s shares resumed at market opening on June 9, 2011.
The Company also announces that on May 31, 2011 the TSXV approved the 4:1 rollback of Petrostar’s shares as passed by shareholders at the Company’s 2009 AGM held June 29, 2010.
About Petrostar Petroleum Corp.
Petrostar is a Canadian-based oil and gas exploration company trading as a Tier 2 company on the TSX Venture Exchange. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure at various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator.
For further information contact Bruce Scafe, President at 1-877-737-8864.
June 8, 2011 - Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP; Frankfurt: LMQ; “Petrostar” or “the Company”) issues this announcement to all its shareholders:
In the event of a Canada Post strike preventing Petrostar’s shareholders from receiving the AGM Notice, Proxy and Information Circular for the Company’s July 7, 2011 AGM, through the normal course of delivery, these documents will be posted on Petrostar’s web site (www.petrostarpetroleum.ca) and available on Sedar (www.sedar.com). All shareholders wishing to vote can retrieve these documents themselves or contact Dee Sauvé at 604-568-4350 or deesauve@bwkcorp.com to get copies.
All Proxies must be submitted to Computershare via fax at 1-866-249-7775 (toll-free in North America) or 1-416-263-9524 (International) by 10:00 a.m. (Pacific time) on July 5, 2011. Please note that the Proxies will not be personalized and all shareholders will need to ensure their names and addresses are added before submission and that the Proxies are duly signed and dated.
Registered shareholders may also wish to call Computershare’s National Customer Contact Centre at 1-800-564-6253 to obtain a control number to vote online or by telephone.
Beneficial owners should contact their brokerage firms directly in order to vote online or by phone.
About Petrostar Petroleum Corp.
Petrostar is a Canadian-based oil and gas exploration company. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure at various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator. Petrostar is committed to advancing the use of “green technologies”, where possible, in the exploration and production of oil and gas. Petrostar and its partner, King Energy Distribution, are working together to lessen overall emissions by developing, using and distributing new technologies to the oil and gas industry.
For further information contact Bruce Scafe, President at 1-877-737-8864.
May 25, 2011 – Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP; Frankfurt: LMQ; “Petrostar” or “the Company”) announces it has complied with National Instrument 51-101 and filed its Oil and Gas Reserve report with the British Columbia Securities Commission and the Alberta Securities Commission. The report is available for viewing at www.sedar.com.
About Petrostar Petroleum Corp.
Petrostar is a Canadian-based oil and gas exploration company. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure at various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator. Petrostar is committed to advancing the use of “green technologies”, where possible, in the exploration and production of oil and gas. Petrostar and its partner, King Energy Distribution, are working together to lessen overall emissions by developing, using and distributing new technologies to the oil and gas industry.
For further information contact Bruce Scafe, President at 1-877-737-8864.
May 11, 2011 - Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP; Frankfurt: LMQ; “Petrostar” or “the Company”) issues this announcement to all its shareholders:
Prior to the start of trading this morning (May 11, 2011) the British Columbia Securities Commission (“BCSC”) issued a Cease Trade Order (“CTO”) for Petrostar’s shares. The CTO was issued due the Company failing to file its audited annual financials and annual MD&A by the May 2, 2011 filing deadline.
Management has been in contact with the BCSC and is working to rectify the problem as quickly as possible. Management is also in daily contact with the Company’s auditors, BDO Dunwoody of Vancouver, BC, and will file all necessary documentations as soon as they are completed. Once all documentation is filed and all filing fees are paid, trading is expected to resume.
The Company has also filed notice with the TSXV to consolidate its outstanding shares on a 4:1 ratio, which was approved by shareholders at the Company’s last Annual General Meeting held June 29, 2010. Management feels the consolidation is necessary to attract future financings.
About Petrostar Petroleum Corp.
Petrostar is a Canadian-based oil and gas exploration company. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure at various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator. Petrostar is committed to advancing the use of “green technologies”, where possible, in the exploration and production of oil and gas. Petrostar and its partner, King Energy Distribution, are working together to lessen overall emissions by developing, using and distributing new technologies to the oil and gas industry.
For further information contact Bruce Scafe, President at 1-877-737-8864.
April 19, 2011 - Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP; Frankfurt: LMQ; “Petrostar” or “the Company”) is pleased to announce that it has received final TSX Venture Exchange approval on the sale of its 100% net interest in 320 acres of petroleum and natural gas rights located in the Maidstone area of west-central Saskatchewan (“Maidstone Asset”) to Western Plains Petroleum Ltd. (TSX-Venture: WPP) (“Western Plains”).
The sale price for the Maidstone Asset was $750,000, subject to standard industry adjustments, based on an effective date of December 1, 2010. Please see the Company’s March 31, 2011 news release for further details.
About Petrostar Petroleum Corp.
Petrostar is a Canadian-based oil and gas exploration company. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure at various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator. Petrostar is committed to advancing the use of “green technologies”, where possible, in the exploration and production of oil and gas. Petrostar and its partner, King Energy Distribution, are working together to lessen overall emissions by developing, using and distributing new technologies to the oil and gas industry.
April 7, 2011 - Victoria, BC – Petrostar Petroleum Corp. (TSX-Venture: PEP; Frankfurt: LMQ; “Petrostar” or “the Company”) announces it has terminated negotiations with Capital Corp. Merchant Bank (“CCMB”) of Orlando, Florida. See news releases dated September 7, 2010 and February 23, 2011. Petrostar shall be refunded the $19,000 paid to CCMB for the appraisal. The appraisal process did not complete as there was no guarantee that the funding of the financing would conclude. Petrostar and CCMB have agreed that both parties would look at possible future business. For the immediate future, this allows Petrostar to entertain other possible financing opportunities and/or JV partnerships to allow for further exploration of the Company’s PN&G leases in SE Saskatchewan and SW Manitoba, or any other opportunity that may be presented to the Company.
About Petrostar Petroleum Corp.
Petrostar is a Canadian-based oil and gas exploration company. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders’ risk exposure at various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator. Petrostar is committed to advancing the use of “green technologies”, where possible, in the exploration and production of oil and gas. Petrostar and its partner, King Energy Distribution, are working together to lessen overall emissions by developing, using and distributing new technologies to the oil and gas industry.