Properties

Maidstone Property

Petrostar is 100% owner and operator of the 320-acre Maidstone Oil prospect that includes the petroleum and natural gas rights. The property is located in north western Saskatchewan 50 kilometers southeast of Lloydminster, SK. Located near the Company's Maidstone property is the Husky Upgrader Refinery, where the oil produced from the property is sent for processing. Adjacent to the Company's property are leases held by Shell Canada that they acquired through their acquisition of Blackrock Resources. Shell has subsequently sold the lease to Harvest Energy Inc.

Currently, there are 9 producing vertical wells on the Maidstone property, drilled to a depth of 500 meters in 1979, along with two producing horizontal wells drilled in 2006. Over the course of the past 18 months, the Company has completed an aggressive $4 Million work-over program to develop the prospect and increase recovery volumes of the oil reserves and enhance the value of the prospect. Other prospective formations in the Maidstone property include two Waseca pay zones (Upper and Lower) that were encountered a few meters below the McLaren formation during Phase 1 of the drill program and has provided the impetus for the Company to verify its reserves.

Lashburn South - Eldon, SK

Petrostar has acquired from Brahma Resources Ltd. of Lloydminster, Alta., a 100% interest in a freehold leasehold located near its Maidstone, Saskatchewan, that closed in mid-October 2007. The lease contains a non-producing well in 101-07-15-48-24W3M with all production facilities in place.

The lease is 160 acres in size allowing for the drilling of three additional wells on the property. Drilling of the initial well is to be located in A8-15-48-24W3M offsetting a well owned and operated by Husky Oil. The current non-producing well will be the subject of Petrostar's Down Hole Tool (DHT) technology and will be re-entered and equipped with Petrostar's new GEN-2 DHT which will be more and efficient than its Gen-1 DHT.

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Trigas Ventures J-V

Petrostar has entered into a joint venture with Trigas Ventures Inc. et al whereby Petrostar will assume the operatorship and a 51% interest in section C8-11-39-20W3M which contains a suspended oil well which Trigas et al has expended approximately $750,000 to drill and attempt to produce. The well is drilled to the McLaren formation but due to the heavy 9-12 API gravity of the oil it has failed to produce. Petrostar will use this well as a DHT test well which it is expected will result in viable daily production. A program is likely to be implemented during the second quarter of 2008.