Eagle Star Petroleum Corp.

Eagle Star Petroleum Corp.

April 15, 2010 09:30 ET

Eagle Star Petroleum Corp. Receives Conditional Approval for Acquisition of Up to an Undivided 55% Interest in Iron Ore Mining Exploration Permits Located in the State of Piaui Brazil

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 15, 2010) - Eagle Star Petroleum Corp., (TSX VENTURE:EGE) (FRANKFURT:E6R) ("Eagle star" or "the Company") Further to its news release dated February 25, 2010 Eagle Star is pleased to announce that it has received conditional approval from the TSX Venture Exchange for its earn-in agreement ("the Agreement") to acquire an undivided 55% interest (with an option to increase its stake to 100%) in Iron Ore mining exploration permits ("the Permits") located in the state of Piaui – Northeastern Brazil. The Permits cover an area of approximately 40,000 hectares and are divided into three primary blocs – Serra do Cavaleiro, Serra do O and Serrinha. The Company is working towards providing to the TSXV the additional materials and documents required for final approval.

The company also announces a non-brokered private placement of 12,500,000 units (the "Units") at a price of $0.10 per Unit to raise total gross proceeds of $1,250,000. Each Unit will consist of one common share of the Company (a "Share") and one half of one transferable common share purchase warrant (a "Warrant").Each whole Warrant will be exercisable to acquire one additional Share for a period of 18 months from the closing of the Private Placement at an exercise price of $0.20. In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share for a period of 10 consecutive trading days at any time commencing four months after the closing date, the Company will accelerate the expiry date of the warrants to 30 days after notice is given by the Company. The proceeds of the placement will be used for the acquisition and Stage 1 of the exploration program of the Brazil iron ore project and general working capital.

Eran Friedlander, President and Chief Executive Officer of Eagle Star commented, "We are pleased to have received the conditional approval from the TSX Venture Exchange and look forward to satisfying the remaining conditions, closing the transaction and proceeding with stage one of the exploration program."

About the Company

Eagle Star Petroleum Corp. is a Natural Resource company headquartered in Vancouver, British Columbia. The Company's shares are publicly traded on the TSXv under the symbol EGE and on Frankfurt Stock Exchange under the symbol E6R.F.

On behalf of the Board of Directors


Eran Friedlander, President

Forward-Looking Statements

This document includes forward-looking statements that are not historical facts. Forward-looking statements include, but are not limited to, statements that we can close an acquisition of an undivided 55% interest in permits (with an option to increase its stake to 100%), that we can successfully fulfill the conditions to closing, including receiving TSX approval, that we will receive approval of the private placement terms and can complete the private placement of up to 15,000,000 units, and that the funds of the private placement will be used for the acquisition and Stage 1 of the exploration program of the iron ore project. Although Eagle Star believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Factors that could cause actual results to differ materially include inability by either party to fulfill conditions to close, the uncertainty of the requirements demanded by regulatory agencies, the Company's possible inability to raise financing for completion of its obligations or for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain permits, potential delays or obstacles in operations and interpreting data, and the likelihood that no commercial quantities of iron ore are discovered. Readers should also review the corporation's periodic filings with Canadian securities regulators for additional risk factors. It is not our practice to update forward looking information.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

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