Petrostar Petroleum Corporation
TSX VENTURE : PEP
FRANKFURT : LMQ

Petrostar Petroleum Corporation

December 12, 2007 07:00 ET

Petrostar Petroleum Corporation: Flow-Through Share Financing Increased

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Petrostar Petroleum Corporation (TSX VENTURE:PEP)(FRANKFURT:LMQ) ("Petrostar" or the "Company") announces that pursuant to its news release of December 10, 2007 it plans to increase its proposed non-brokered private placement of up to 3,250,000 units (the "Units") of the Company at a price of $0.20 per Unit for a total of $650,000. Each Unit will consist of one common flow-through share (a "Flow-Through Share") in the capital of the Company and one non-transferable share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of two years following the closing date at a price of $0.25 per share in the first year and $0.30 per share in the second year.

The private placement is subject to the acceptance of the TSX Venture Exchange and all shares issued there under will be subject to a 4-month hold period.

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.

Contact Information

  • Petrostar Petroleum Corporation
    Robert A. Sim
    President, Director
    604-662-3004 ext. 105
    604-662-3063 (FAX)
    or
    Petrostar Petroleum Corporation
    Dee L. Sauve
    Filing Clerk/Bookkeeper
    604-662-3004 ext. 114
    604-662-3063 (FAX)
    www.petrostarpetroleum.ca