On April 5, 2012, Petrostar applied to the BCSC for a Management Cease Trade Order and the Company confirms it will comply with the alternative information guidelines described in sections 4.3 and 4.4 of NP 12-203 as necessary.  On April 30, 2012, the BCSC granted the MCTO.  Petrostar must file its 2011 Annual Financials by June 30, 2012 or a full Cease Trade Order will be issued to the Company by the BCSC.  At present, Petrostar is on the default list.

The Company has changed its auditor from BDO Canada LLP to A Chan & Company LLP and has Sedar filed the necessary documentation with the Commissions and the TSXV Exchange.

Petrostar is securing funding for the 2010 and 2011 audit fees by way of a private placement financing, announced April 20, 2012, and plans to meet the June 30, 2012 deadline.

About Petrostar Petroleum Corp.

Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading 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 please contact Bruce Scafe, President / CEO at 1-877-737-8864.

The LOI states that the proposed transaction between Petrostar and TexAlta’s shareholders will take the form of an Arm’s Length asset purchase agreement pursuant to which Petrostar will issue 10,000,000 common shares valued at $0.05 per share to TexAlta’s shareholders on a pro-rata basis.  No finder’s fee is payable.

Under the LOI, Petrostar will transfer the assets of Bakken Oil Resources Inc., Petrostar’s 100% owned subsidiary, to the TexAlta shareholders.  Bakken Oil holds 1,387 acres of undeveloped PN&G Leases in SE Saskatchewan.  In return, Petrostar will receive over 1,800 acres of developed PN&G leases in Alberta.  These properties have substantial 2P reserves identified in independent third party engineering reports.  Current TexAlta management will continue as operators for these properties and oversee all future development plans for Petrostar.

This transaction will not result in a change of control of Petrostar or an RTO, and is subject to approval of the TSX Venture Exchange.

It is the intention of both parties to have the asset purchase agreement concluded on or before June 1, 2012

For further information please contact Bruce Scafe, President / CEO at 1-877-737-8864.

Mr. Merali has been a self-employed investor since 2001. Arif was a director of Dentonia Resources Ltd. from 2007 to 2012 and of Atocha Resources Ltd. from 2009 to 2012. Prior to that, Arif was a registered representative at Canaccord Capital Corp. from 1999 to 2001.

About Petrostar Petroleum Corp.

Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading 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 please contact Bruce Scafe, President / CEO at 1-877-737-8864.

The Issuer plans to remedy the situation by accepting financial help from a private investor, changing the current auditor to a more suitable firm and moving forward with the 2011 audit as quickly as possible.

Petrostar recently negotiated a reduction to its outstanding 2010 audit service fees with its current auditor to allow the Issuer to change auditors and proceed with the 2011 Audited Annual Financial filings.  Petrostar is securing funding for the 2010 and 2011 audit fees by way of loans from private investors and private placement financings, and plans to have its 2011 annual financials audited and filed by June 30, 2012.

On April 5, 2012, Petrostar applied to the BCSC for a Management Cease Trade Order and confirms it will comply with the alternative information guidelines described in sections 4.3 and 4.4 of NP 12-203 as necessary.  On April 30, 2012, the BCSC granted the MCTO.

About Petrostar Petroleum Corp.

Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading 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 please contact Bruce Scafe, President / CEO at 1-877-737-8864.

Subject to regulatory approval, each unit shall consist of one common share of the Company and one common share purchase warrant.  Each warrant shall be exercisable at $0.10 per share for a period of two years after closing.  The funds raised will be used exclusively for the 2011 annual financial audit, the Annual General Meeting and all expenses associated with corporate compliance such as sustaining fees and filing fees.  A finders’ fee of 7% will be payable.

As a follow up to the Company’s news release of February 28, 2012, the Company has ceased all negotiations with the private company and will not be moving forward with that particular deal.

Petrostar has submitted an application to the BC Securities Commission for a Management Cease Trade Order.  This application, if approved, would give the Company extra time to complete its audit and file its annual financials, without falling under a full Cease Trade Order.

The Lashburn heavy oil and gas property is being actively marketed by the Company in an effort to find a purchaser and subsequently settle some creditor debt currently held by the Company.

Petrostar has complied with NI 51-101 and filed its Oil and Gas Reserves Reports which can be found on Sedar at www.sedar.com

About Petrostar Petroleum Corp.

Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading 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 please contact Bruce Scafe, President / CEO at 1-877-737-8864.

The Company is continuing efforts to seek funding for its oil and gas projects.

For further information please contact Bruce Scafe, President / CEO at 1-877-737-8864.

1. Mr. Sam Nastat, Director, has resigned from the board as of February 6, 2012;
2. Mr. Dennis Mee, Director, has resigned from the board as of February 7, 2012; and
3. Ms. Deanna (Dee) Sauvé has been appointed to the Board of Directors.  Dee owns her own company, Bryan W. Kell Corporate Services Ltd., and has been providing various bookkeeping and corporate admin services to Petrostar since 2003.  Management welcomes the addition to the board.

Management would like to thank Dennis and Sam for their contributions to Petrostar and wish them all the best in their future endeavours.

For further information please contact Bruce Scafe, President / CEO at 1-877-737-8864.

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:

1. Set the number of directors at 6 – 100%
2. Election of Directors – all 100%
   • Bruce Scafe;
   • William Stafford;
   • Joshua Prowse;
   • Graham Riley; and
   • Bruce Balazs
3. Appointment of BDO Dunwoody as auditor – 100%
4. Ratify and approve 2011 Stock Option Plan – 100%
5. Approve Chairman’s right to cast second vote if necessary – 100%
6. 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.