TrueStar Petroleum Corporation

TrueStar Petroleum Corporation

March 20, 2006 10:36 ET

TrueStar Opening New Office in Guatemala

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 20, 2006) - TrueStar Petroleum Corporation (TSX VENTURE:TPC) -

(Not for dissemination in the United States of America)

The Company is pleased to announce the appointment of Victor Daniel Aguilar as General Manager of TrueStar Guatemala and the opening of new offices in Guatemala City, Guatemala. Mr. Aguilar's primary responsibilities include the establishment of key industry relationships and the expansion of the company's oil and gas presence in Guatemala.

As the former Director General of Hydrocarbons within the Ministry of Energy and Mines, Mr. Aguilar was in charge of all upstream and downstream activities related to the oil and gas industry of Guatemala. In his position, Mr. Aguilar was involved in the promulgation and oversight of governmental policies, regulations and oil industry related laws, as well as the bidding process for exploration and production concession blocks. He assisted in the recovery of Contract 6-93 for Mexpetrol Guatemala from the Ministry of Energy and Mines and Attorney's General Office in 2000. Mr. Aguilar has developed an extensive network of contacts with government officials, oil and gas operators, service providers and contractors in Guatemala. Mr. Aguilar has 18 years of worldwide experience in the oil and gas industry and has provided services to many energy companies, including Schlumberger IPM, Petdegua, S.A., Cia Petrolera Del Atlantico, and Pam Petroleum. With Schlumberger, Mr. Aguilar worked in Russia on several large oil and gas projects. He has extensive experience in the supervision of operations, logistics, drilling, completions, work-overs, pipeline repairs, seismic campaigns, and domestic and international transportation of crude oil. He received his Petroleum Engineering Degree in 1988 from Louisiana State University. Mr. Aguilar is fluent in Spanish and English.

"TrueStar is privileged to retain the services of Mr. Aguilar. The depth and breadth of his knowledge, expertise and contacts within Guatemala will be of great assistance to TrueStar in accelerating our efforts to achieve oil and gas production in Guatemala" said Robert E. Chamberlain, Jr., CEO of TrueStar. "We are optimistic that Guatemala can become a significant asset for TrueStar."

TrueStar owns a 10% interest in Production Sharing Contract 4-93. Production Sharing Contract 4-93 is ideally located within a growing producing area onshore in the oil-prone Peten Basin of Northern Guatemala in the states of Peten and Alta Verapaz across the border from the Mexican state of Chiapas. The license area covers 554,000 acres with four anticline structures interpreted from 2D seismic. One of the prospects, known as San Diego, has been validated as productive by the successful completion of the San Diego No.1 well, drilled by Hispanoil in 1981.

Option Grant

The Board of Directors has authorized a grant of up to 700,000 incentive stock options each to Sir Ian N. Rankin and Randolph P. Eddy, exercisable at $0.40 per Share, for a term of 5 years, under the Stock Option Plan dated January 20, 2005 and accepted by the TSX Venture Exchange on February 3, 2005. The vesting schedule is such that one-third will vest on the later of six months or the date upon which the closing stock price is $0.55 or greater for 10 consecutive trading days; one-third will vest on the later of twelve months or the date upon which the closing stock price is $0.85 or greater for 10 consecutive trading days; and one-third will vest on the later of eighteen months or the date upon which the closing stock price is $0.85 or greater for 10 consecutive trading days.

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 interests in 29 producing natural gas wells (19 vertical and 10 horizontal); 4 horizontal wells awaiting sales meter hookup and 1 horizontal wells 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. TrueStar Petroleum Corporation is an oil and gas exploration and development company.


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.

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