Petrostar Petroleum Corporation
TSX VENTURE : PEP

Petrostar Petroleum Corporation

October 30, 2006 15:44 ET

Petrostar Petroleum Corporation: Maidstone Drilling Program Continues

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 30, 2006) - Petrostar Petroleum Corporation (TSX VENTURE:PEP) (the "Company") is pleased to report Ensign Tri- City Rig. No. 45 has now completed the drilling of a successful vertical stratigraphic test well in D16-06-48-23W3M to a depth of 578 meters. Logs and cores in the well confirmed the presence of four good pay intervals, two in the McLaren, and two in the Waseca, a few meters below the McLaren. The top of the McLaren pay zone was encountered at 495.5 meters, some 3 meters above the expected depth. The well was plugged back, whipstocked and then extended horizontally some 1,160 meters in the Upper McLaren pay zone, terminating in C13-06-48-23W3M. The total length of the wellbore from surface was 1,775 meters. Intermediate 7-inch casing was run and cemented from the top of the pay zone, around the curved portion of the wellbore and up to the top of the pay zone and up to surface. A 5-inch slotted liner was then run from total depth to inside the 7-inch casing. The wellhead was installed, the rig released and moved to the next surface drilling location at the existing A16-6-48-23 W3M well from which point another horizontal McLaren production well is presently being drilled. Initially, this second well will be an oil producer and in the future, it is planned to convert this well to water injection for the proposed pressure maintenance and enhanced recovery scheme. The two horizontal wells will initially be produced to temporary battery facilities with a permanent battery facility to be installed at the A16-6 location with oil emulsion treating, production/storage/shipping tanks, flowlines and a water injection station. A third 1250 meter McLaren horizontal wellbore is planned for the southern portion of the lease. This will be a Vertizontal Recovery System (VRS®) well drilled from a surface location at A9-6-48-23 W3M towards the west, adding horizontal legs to the existing A10-6, A11-6 and A12-6 wells that will capture considerable volumes of inter-well oil reserves. The combination of the two parallel horizontal wellbores, one in the north and one in the south portion of the lease, together with the parallel horizontal injection well midway in between the horizontal producers will improve sweep efficiency and thus recovery of the oil reserves. Water injection will increase the reservoir pressure resulting in increased production rates and recovery volumes from the two new horizontal and eight existing vertical wells. With the McLaren original oil-in-place estimated to be in excess of 5 million barrels in the 320-acre Company lease, the planned development program is expected to greatly enhance the value of the property.

Since the vertical stratigraphic test well confirmed that the McLaren and Waseca Sands are oil bearing with 35% porosity and good permeability and the Sparky also showing potential, it is planned to further evaluate the property for additional development of these formations. Of particular interest is the Waseca that was of better quality than in the existing vertical wells with a 4 meter thick oil saturated pay zone. An off-set well is being considered to test the zone after the current drilling program is completed and production facilities installed.

ON BEHALF OF THE BOARD OF DIRECTORS

Robert A. Sim, Director

The Toronto Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed financing, failure to obtain necessary regulatory or shareholder approvals, exploration and other risk factors beyond its control and actual results may differ materially from the expected results.

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