On behalf of the board of directors and for further information:

Bruce Scafe, President
Petrostar Petroleum Corp.
1-877-737-8864

In January of this year, SR Rentals of Elk Point, Alberta installed one of Petrostar’s Electric Tank Heaters into one of its company’s mud rental tanks for testing on an active drilling site. SR Rentals supplies some of Canada’s largest oil companies with mud tanks and supplies as necessary equipment used in the drilling of oil and gas wells. The Company’s ETH was installed in one of the mud tanks required to hold drilling fluid for the drill rig, in order to keep the drilling fluid from freezing during drilling. Normally the drill rigs boiler would provide heating to the drilling fluid tanks through high-pressure steam hoses. The pilot project parameter was to test the ETH’s ability to maintain storage tank drilling fluids at a set temperature in extreme cold conditions.

Petrostar management is happy to announce that after four weeks of on-going use, the ETH performed exceptionally well with no reported problems. Mr. Shane Smith of SR Rentals told the Company that the feedback he had from the drill site of one of Canada’s largest oil and gas companies was very positive for the ETH, that the ETH did exactly what the drill crew needed and that there were no problems with keeping a constant temperature control even on the coldest days. The drill crew was very positive about the safety aspect of the heater as it eliminated the need for the high-pressure hoses that are normally used for this application.

This is part of Petrostar management’s continued efforts to do independent third party testing of the ETH in different applications under different conditions, to properly commercialize the ETH to the oil and gas industry. More updates will be forthcoming as other pilot projects take place and more information on Petrostar’s technologies is available at petrostarpetroleum.ca.

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

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

The ETH unit is capable of replacing current burner tube tank heating devices and has a zero CO² emission signature as well as the potential of reducing operating costs by using power generated from top drive motors and eliminating the fuel requirements of the burner units for those batteries that are not running on electricity.

Petrostar Petroleum Corp has entered into a joint pilot project to test and evaluate Petrostar Petroleum Corp’s Electric Tank Heater. More details are expected to be available shortly as the testing continues and field data is compiled and results analyzed.

On behalf of the Board of Directors,

Bruce Scafe

President and Director

The projects if finalized would entail installation of Petrostar’s DHT units and on-site training and familiarization under the supervision of the Company’s personnel. A visit to the aforementioned locations by Petrostar personnel is expected to take place in the very near future.

The Company has also concluded discussions with 2 major oil companies to test 2 ETH units in 2 different venues. A test to evaluate the ETH will be installed in a production tank to confirm emissions and economic parameters as a head-to-head comparison to the existing equipment used in heat treatment of production storage facilities. In addition, a ETH unit will be installed and tested in an active drilling environment to heat water and drilling fluids before circulation down-hole as drilling proceeds. This will be an additional use of the ETH technology and focuses on its adaptability. More details are expected shortly when agreements on the aforementioned ventures are executed in the near future.

The TSX Venture Exchange has accepted for filing a non-brokered private placement of 1,065,000 units (the “Units”) of the Company at a price of $0.10 per Unit for a total of $106,500.00. Each Unit will consist of one common share (a “Common 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 $0.12 per share in the first year and $0.15 per share in the second year. The private placement is subject to a 4-month hold period.

For more information on Petrostar’s DHT & ETH technologies, please go to the Company’s website at: www.petrostarpetroleum.ca

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.

Petrostar Petroleum Corp. has engaged the services of Wakabayashi Fund LLC of Tokyo, Japan. Wakabayashi Fund LLC will provide Institutional Investor Relations and Investment Banking Consulting Services to arrange CAD $3.3 Million in working capital for Petrostar Petroleum Corp. The term of the contract is six months with option to extend the Investor Relations contract. For their services Wakabayashi Fund LLC will receive success fees on all funds raised at the rate of 7% (or such lesser amount as permitted by the TSX Venture Exchange). Additionally for Investor Relations Services Wakabayashi Fund will be paid $20,000 USD retainer and will be issued 1.5 million share options exercisable at a price of $.10 cents CAD for a period of 1 Year. Options will vest to the Wakabayshi Fund LLC as permitted under TSX Venture Exchange rules.

Scope of Services

The emphasis of the funding project and investor relations services shall be personal introduction of Petrostar Petroleum Corp. to money managers, equity fund managers, hedge fund managers, pension fund managers, financial analysts, institutional brokers, venture capitalists, investment bankers and wholesale and retail markets. Particular emphasis will be on assisting Petrostar Petroleum Corp. in international branding of the company\’s Electric Tank Heater (ETH) and Down Hole Heating Tool (DHT) technologies and to highlight Petrostar Petroleum Corp.\’s plans to further develop and explore the company\’s Bakken Formation lands in S.E. Saskatchewan and S.W. Manitoba, Canada.

About Wakabayshi Fund LLC

Wakabayashi Fund is a private equity firm with Offices in Tokyo, Japan and New York, NY. Wakabayashi provides corporate capitalization and institutional investor relations consulting services. Wakabayashi Fund may invest on a principal basis and acts in a institutional agency capacity to procure capital for profitable small and mid cap companies. Wakabayashi Fund\’s premise is based on established relationships and their reputation for consistently delivering relevant information and insight. Their extensive relationship database is the culmination of their efforts over the last 23 plus years of working on Wall Street and Tokyo. Wakabayashi Fund has successfully funded over $600 million dollars of project financing over the last year.

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.

Electric Tank Heater Update

The company has received final CSA Certificate of Compliance cert. # 2121885 for its Electric Tank Heater. The CSA certificate is valid for Canada and the USA as to the following standards; a Explosion Proof Enclosure for Use in Class I Hazardous Locations and CSA Std. C22.2 No.88-1958 – Industrial Heating Equipment and UL Std. No. 823 8th edition – Electric heaters for use in Hazardous (Classified) Locations. In addition to the CSA approvals the ETH has received Canadian Industrial Design and USA Patent designations. Many companies have expressed interest in the tank heater and have had representatives visit Petrostar’s Lloydminster facility to inspect and learn more about the ETH technology. These companies include Husky Oil, Canadian Natural Resources, Pennwest and Devon Energy. Feedback to date has been very positive and Petrostar expects to be able to give further updates regarding trials and sales very shortly.

Corporate Update

The board of directors of Petrostar Petroleum Corp. has appointed Mr. Aaron Lane to the company’s board of directors. Mr. Lane has extensive experience in both heavy and light oil and in all areas of field operation. Mr. Lane received a B.Sc. in Petroleum Engineering from the University of Alberta in 2000. Mr. Lane has been reviewing all of Petrostar’s current operations and will be making recommendations back to the board on all future projects.

The board of directors would also like to announce that they have appointed Mr. William Stafford a director of the company to the CFO’s position. Mr. Stafford takes over the position replacing director Robert A. Sim. Mr. Stafford brings years of experience in the financial and tax service industry to the position. Mr. Sim will continue to act as company Secretary and director.

Maidstone Field

The company is currently completing an aggressive work over program on three suspended wells at the Maidstone field. This includes replacing all worn equipment and upgrading production techniques to return them to production. Further updates will be provided as the work continues.

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.

Petrostar Petroleum Corporation (TSX-Venture: PEP, Frankfurt: LMQ; “Petrostar” or the “Company”) announces the following updates:

Electric Tank Heater Update

Petrostar Petroleum Corp. has embarked on a aggressive program to commercially market the Company’s 100% owned, zero emissions, and recently patented (USA Design Patent Application 29/334,368), and CSA approved Electric Tank Heater. The company has recently had representatives from several major oil companies visit our Lloydminster, Sask. facility to inspect and learn about the ETH and its many features and benefits. The response from these sessions has been very positive and the company expects to be able to announce field trials with these prospective companies soon. Oil producing companies are being forced to look at reducing carbon emissions from all aspects of their business and Petrostar’s ETH can assist them in meeting their carbon reduction goals and may help them achieve future carbon credits.

Maidstone Update

As announced in the company’s September 1st 2009 news release, Petrostar stated that the company had initiated a work over program on some of its Maidstone wells and had received SIR permission to co-mingle and exploit the previously untested Sparky zone on wells showing potential in this zone. Petrostar is pleased to announce that this work has now been completed on the 11-6 well and the well is currently producing on average 3 meters³ of oil per day from the Sparky zone. Prior to this work over the 11-6 well was shut in. The company has two additional wells that are candidates for the same work over to establish production in the Sparky Zone. Further updates will be made as work continues.

The TSX Venture Exchange has accepted for filing a non-brokered private placement of 1,112,500 units (the “Units”) of the Company at a price of $0.08 per Unit for a total of $ 89,000.00. Each Unit will consist of one common share (a Common 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 $0.10 per share in the first year and $0.12 per share in the second year. The private placement is subject to a 4-month hold period.

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.

As of Sept. 1, 2009, Petrostar Petroleum Corp. acquired the services of Aaron Lane, Stone Ventures Ltd., Calgary, Alta.

Mr. Lane received his BSc in petroleum engineering from the University of Alberta in 2000, at which time he was awarded the Society of Petroleum Engineers scholarship. Mr. Lane has extensive experience in both heavy and light oil and in all areas of field operation. Mr. Lane is currently reviewing all of Petrostar’s existing operations and will head up all future projects for the company with priority being given to completing the company’s existing Bakken exploration wells. Expense and budget reports are now being prepared for these projects.

Maidstone field update

Petrostar has started an upgrading and workover program at its Maidstone field. The company has received permits allowing it to explore and co-mingle production from the Sparky zone, which previously has not been developed at the field. The rework program has been initiated with completion expected shortly. Flow will be monitored and then reported as to the success of the reworking of this zone. Additional wells on the property will then be evaluated for a similar workover program. It is the company’s continuing focus to increase daily production at the Maidstone field.

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.

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.