July 23, 2008
Drilling Underway on Petrostar’s First Bakken Well in SE Saskatchewan
Petrostar Petroleum Corporation (TSX VENTURE: PEP)(FRANKFURT: LMQ)("Petrostar" or the "Company") announces that it has initiated drilling of its first Bakken Well.
The first well will be drilled to a depth of approximately 900m-1,000m. The drilling is being conducted by Terroco Drilling Ltd. The next planned drilling location is approximately 4 miles from the current well site and all surveys and permits for the 2 additional wells to be drilled from this location have been received and the drilling will commence immediately after the initial well is completed. More information will be available as drilling progresses.Petrostar Petroleum Corp. will drill the 3 initial wells in what it believes are 3 new pools of Bakken Oil in SE Saskatchewan. The drilling program on the first 3 wells is being conducted under the JV with LSRS as announced on June 2, 2008. More information on this and other projects is available on Petrostar's web site at www.petrostarpetroleum.ca.
The leases are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan and Manitoba in Canada, and Montana and North Dakota in the USA.
The Company is continuing to locate and is currently acquiring additional lands within the general area of the Bakken play and Petrostar's general area of interest.
In other developments the Company has met the requirements to now be classified as a TIER 1 listing on the TSX Venture Exchange.
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.
Contacts: Petrostar Petroleum Corporation 604-662-3005, ext. 105 [email protected]www.petrostarpetroleum.ca
SOURCE: Petrostar Petroleum Corporation