Petrostar Petroleum Corporation

Petrostar Petroleum Corporation

June 24, 2008 07:00 ET

Petrostar to Commence Drilling Bakken Oil Play in SE Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Petrostar Petroleum Corporation (TSX VENTURE:PEP)(FRANKFURT:LMQ) ("Petrostar" or the "Company") announces that it has finalized its agreement with its Joint-Venture partner on leases that are located in the Bakken Oil Play, in SE Saskatchewan.

Petrostar will drill three initial wells in what we believe are three new pools of Bakken Oil in SE Saskatchewan.

Upon the success of each of these wells, the joint venture will be expanded to nine or more additional wells to develop these three pools and any additional pools that can be identified.

The drilling locations have been surveyed and permitting applications submitted, which are anticipated to be approved on or before June 30, 2008. Petrostar, as operator, has contracted the services of Terroco Drilling Ltd. for a drilling rig and other ancillary services to initiate drilling as soon as the permits are received.

The leases are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montana and North Dakota in the USA.

The parties will continue to locate and acquire additional lands within the general area of the Bakken play.

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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