Petrostar Petroleum Corporation

Petrostar Petroleum Corporation

August 07, 2008 07:00 ET

Petrostar: Bakken Play Yields Second Discovery Well

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2008) - Petrostar Petroleum Corporation (TSX VENTURE:PEP)(FRANKFURT:LMQ) "Petrostar" or the "Company") is pleased to announce a new discovery well (A5) in an area of SE Saskatchewan currently not being drilled by other producers.

The well encountered 20+m of pay in a sand formation with excellent porosity (15-30%) and good permeability. This sand zone is in the Mississippian Group of Sands.

The Company is now preparing its next drill location and will announce details shortly. Petrostar will test the A5 and, upon successful testing, proceed with production over the next few weeks.

The A3 well logs have been further analyzed and there are now 2 significant shows of oil. There is a 14+m pay zone that corresponds to the A5 well's zone, and another shallower zone with 10+m of pay that may be lighter oil.

The Company is now evaluating the testing and production of these 2 zones in the A3 well.

The leases are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, & Manitoba in Canada and Montana & North Dakota in the USA.

The Company is continuing to locate and has acquired substantial PNG rights to additional lands within the general area of the Bakken play and Petrostar's general area of interest.

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.

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