Optima International Trust Company

October 31, 2006 16:45 ET

Optima provides a Litigation Update against TrueStar Petroleum

TORONTO, ONTARIO--(CCNMatthews - Oct. 31, 2006) - Optima International Services Ltd. has achieved a number of positive results in its litigation against TrueStar Petroleum (TSX VENTURE:TPC) and certain board members and management of TrueStar.

On October 16, 2006 the Harris County court returned a decision to release John Burns (Former director of TrueStar) from the Harris County case for reasons of lack of personal jurisdiction. Optima anticipates the same result for Bryson Farrill. This is a significant event in so far as this ruling has cleared the path to pursue the litigation without further delays.

The Harris County court set down a demand for Charles Kohlhaas and Dwain Immel to attend depositions by Optima and its attorneys on or before November 30th, 2006. Further, a priority trial date has been set for July 2007. The court has stipulated production timing and set scheduling dates as applied for by Optima attorneys. This was important for Optima given all the manufactured delays by TrueStar to date.

Optima and multiple individuals obtained on September 5, 2006, significant victories in the federal lawsuit filed by Robert Chamberlain and Bill Rhea that is pending in Austin, Texas. The federal court denied Chamberlain and Rhea's request for an injunction and other extraordinary pre-judgment relief and determined that the Option Agreement relied on by Chamberlain and Rhea was not an enforceable contract. The Court went on to say that ' On this record, the court does not consider any of the Defendants before it justly indebted to plaintiffs (Chamberlain and Rhea).'

In addition, the court dismissed entirely the claims against James W. Spence, Balaton Group, Inc, and Bryson Farrill. In December 2005, the court had dismissed all claims against Paul Henry and Martin Doan.

With the recent rulings and the streamlining of the cases, Optima is encouraged that it will be able to move to obtain a judgment against TrueStar. This will allow Optima to move much quicker in collection of its multimillion dollar debt claim.

About Optima

Optima International Services Ltd. is a single purpose corporate structure organized for the purpose of owning equity and providing loans to TrueStar Petroleum.

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