Petrostar Petroleum Corporation

Petrostar Petroleum Corporation

November 15, 2007 07:00 ET

Petrostar Petroleum Announces Successful 2-Well Drilling Program Completed/Joint Venture With Trigas Ventures Ltd. Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) - Petrostar Petroleum Corporation (TSX VENTURE:PEP) (FRANKFURT:LMQ) ("Petrostar" or the "Company") is pleased to announce the following developments:

- The completion of Well A-16-T-6-48-23W3 to a depth of 514.7 metres into the Waseca zone on its Maidstone property;

- The Waseca "B" sand returned a flood of oil sand and abundant heavy oil in the drilling mud and sample wash;

- The completion of Well 08-15-048-24W3 to a depth of 545.5 metres into the Waseca zone;

- The Waseca sand returned a flood of oil sand and abundant heavy oil in the drilling mud;

- Production facilities are being moved and installed on the locations and flow and production rates for both completed wells will be available in the near future.

- Well A7-15-48-24W3 is scheduled for a work-over starting November 14, 2007 and results of the program will be available shortly.

Additionally, the Company has completed its joint venture with Trigas Ventures Ltd. Of Major, Saskatchewan to acquire a 51% interest in leasehold 8-11-39-20W3M located in West-Central, Saskatchewan. The lease contains a non-producing well in C8-11-39-20W3M and is 40 acres in size allowing for the drilling of 3 additional wells on the property. The lease is located in a North-South trending channel which contains heavy oil in the McLaren Formation. The formation contains 7-9 degrees gravity oil which is comparable to the heavy oil being produced in the tar sands of Fort McMurray, Alberta. The well will be the subject of Petrostar's DHT (Down-Hole Tool) technology and will be re-entered and equipped with Petrostar's new 2nd generation more powerful DHT unit which is expected to be available for this location within the next 30-45 days weather permitting. Under the terms of the agreement Petrostar will advance the sum of $ 25,000.00 to Trigas for a 51% ownership in the lease and Petrostar will become the operator of the project. Petrostar will receive 100% of all funds expended for development and operating until payout at such time Trigas will be responsible for its 49 % share of any costs incur

On behalf of the Board of Directors,


President, 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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