TrueStar Petroleum Corporation

TrueStar Petroleum Corporation

May 31, 2005 17:48 ET

Truestar Announces First Quarter 2005 Results and Resignation of President

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 1, 2005) - TrueStar Petroleum Corporation (TSX VENTURE:TPC) -


Financial Results for Quarter Ending March 31, 2005

The Company realized gas, natural gas liquids and crude oil sales of $1,262,796 for the quarter ended March 31, 2005 representing 164,745 MCF of gas, 18,215 MCF of natural gas liquids, and 575 barrels of crude oil, or a total of 31,068 BOE of petroleum products from Barnett Property production in the United States. The consolidated net loss for the quarter ended March 31, 2005 was $625,719, a decrease of $477,497 compared to consolidated net loss of $1,103,216 for the quarter ended December 31, 2004. Cash flow from operations before net changes in non-cash working capital items relating to operations for the quarter ended March 31, 2005 was $(38,246), compared to $(34,333) for the quarter ended December 31, 2004.

Resignation of Officer

On May 26, 2005, J.W. Rhea, IV resigned as President and Chief Operating Officer of the Company for personal reasons. Mr. Rhea will continue to serve on the Board of Directors.

About TrueStar

The Company's focus is on the efficient development of hydrocarbons in North and Central America while maintaining high standards of environmental responsibility. TrueStar now has 27 producing natural gas wells (19 vertical and 8 horizontal). Working interest partners involved in the Company's various acreage holdings include publicly-listed Devon Energy (NYSE:DVN) and Carrizo Oil & Gas (NASDAQ NM:CRZO), along with other privately-held entities. TrueStar Petroleum Corporation is an oil & gas exploration and development company.


Robert E. Chamberlain, Jr., Director

Certain information respecting the Company and the Company's properties constitutes forward-looking information. Such forward-looking information, including but not limited to statements with respect to anticipated rates of production, the estimated costs and timing of the Company's planned work program and reserves determination involve known and unknown risks, uncertainties and other factors which may cause the actual costs and results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations, general risks associated with petroleum operations and risks associated with equipment procurement and equipment failure. Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause costs of the Company's program or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

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

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