TrueStar Petroleum Corporation

TrueStar Petroleum Corporation

March 28, 2006 12:05 ET

TrueStar Announces New Production

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2006) - TrueStar Petroleum Corporation (TSX VENTURE:TPC) announces that its net production rate from its Barnett Shale play is now approximately 2.6 MMscf per day, a 33% increase since the first of the year. The latest increase results from the Sands #1H horizontal well (Denton County) which has been placed on production. The operator reports an initial production rate of 1,700 Mcf/day. TrueStar owns approximately 27.61% Net Revenue Interest in the well.

"This production increase reflects the impact of our Credit Agreement with Macquarie Bank on our operations. We are now able to develop our assets aggressively and look forward to ramping up our production," said Charles Kohlhaas, Chairman. "This is only the second well to be put on production since closing with Macquarie and we have a full development program in progress. TrueStar has interests in 3 more wells already drilled and has just approved 5 more."

"TrueStar expects a significant increase in production in the near-term with 2 new horizontal wells awaiting sales meter hookup; one horizontal well awaiting fracture stimulation and five new locations being prepared for drilling," said Robert E. Chamberlain, Jr., CEO.

In addition to the new wells, TrueStar's engineers are working with the staffs of the Operators and other interest owners to prepare a program of repair and remedial work on older wells. "This program involving routine work on wells already drilled has the potential not only to reduce the decline rate of existing production but to give us very economical production increases from some wells," said Charles Kohlhaas, Chairman.

About TrueStar

TrueStar Petroleum Corporation is an oil and gas exploration and development company. TrueStar's primary focus is on the efficient development of hydrocarbons in North and Central America while maintaining high standards of environmental responsibility. Its primary assets are located in the United States and Guatemala. TrueStar now has interests in 31 producing natural gas wells (19 vertical and 12 horizontal); 2 horizontal wells awaiting sales meter hookup and 1 horizontal well drilled awaiting stimulation. Working interest partners involved in the Company's various acreage holdings include publicly-listed Devon Energy (NYSE:DVN), Carrizo Oil & Gas (Nasdaq NM:CRZO), and EnCana (NYSE:ECA) along with various privately-held entities. Additional information on TrueStar Petroleum Corporation is available at


Charles A. Kohlhaas, Chairman of the Board

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

Contact Information