Petrostar Petroleum Corporation

Petrostar Petroleum Corporation

June 05, 2008 14:12 ET

Additional Bakken Oil Play in SE Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2008) - Petrostar Petroleum Corporation (TSX VENTURE:PEP)(FRANKFURT:LMQ); "Petrostar" or the "Company") announces that Leaf & Stone Resonance Services Ltd. (L&SRS) of Saskatoon, SK is acquiring additional freehold lands in SE Saskatchewan. The anomalies on these sections appear to be sizeable and are considered high probability targets. Oil (40 degrees API) has been recovered in the immediate area and the Company intends to target two oil bearing zones; the Frobisher at a depth of approximately 500m and the Bakken at a depth of 1,100m - 1,400m. Petrostar is finalizing an agreement to participate on these leaseholds on the same terms and conditions as previously announced.

The acquisitions are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montana & North Dakota in the USA. The estimates of the oil reserves in the US geographical area alone exceed 40 Billion barrels of oil and the Canadian reserves may also contain similar estimates. The parties will continue to locate and acquire additional lands within the general area of the Bakken play.

The Company also has completed and received acceptance by the TSX Venture Exchange of a non-brokered private placement, 2,182,000 units (the "Units") of the Company at a price of $0.20 per Unit for a total of $436,500. The private placement shares issued thereunder 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.

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