TrueStar Petroleum Corporation

TrueStar Petroleum Corporation

October 11, 2005 08:24 ET

TrueStar Presents Updated Reserve Report

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 11, 2005) -

Not for dissemination in the United States of America

TrueStar Petroleum Corporation (TSX VENTURE:TPC) is pleased to announce that a new gas reserve evaluation for the Company's Barnett Shale assets, updating the gas reserve evaluation previously announced on September 9, 2005, reports an approximately 22% increase in proved reserves across all categories to 30.6 BCF of gas, up from 25.1 BCF. The total value of the reserves, based on future expected cumulative net income under these and other assumptions, discounted at 10%, is approximately US$73.6 million, up 30% from the US$56.6 million announced on September 9, 2005. The updated reserve evaluation includes participation in three new horizontal wells announced on October 5, 2005 and more current natural gas prices.

"This reserve report shows the immediate effect of the financing we announced last week. The three additional wells in which we are participating with these funds are included in this reserve report as Proved Undeveloped with 2.75 Bcf of reserves, $13.82 million of future net revenues, and a discounted Present Value at 10% of $7.09 million. This demonstrates Truestar's ability to use its capital to convert undeveloped assets quickly to increased value. We look forward to a program of consistent growth as new capital becomes available." said Charles Kohlhaas, Chairman of the Board.

The reserve evaluation was prepared by Harper & Associates, Inc. of Fort Worth for the working interests of Trinity Barnett, LLC, a wholly-owned subsidiary of the Company. Revenue from estimated future production is based on the wellhead price differential to NYMEX HH in December 2004. Wellhead gas prices in August 2005 are determined by adjusting the $7.61 per MMBTU NYMEX closing spot Henry Hub for July 30, 2005.

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 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 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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