TrueStar Petroleum Corporation
TSX VENTURE : TPC

TrueStar Petroleum Corporation

September 13, 2005 13:50 ET

TrueStar Pretroleum Corporation: Finalization of Terms of Prior Stock Option Grant

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 13, 2005) - TrueStar Pretroleum Corporation (TSX VENTURE:TPC) -

On June 15, 2005, the Board of Directors authorized a grant of up to 7,100,000 incentive stock options to various directors and officers, exercisable at no less than $0.31 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. On September 9, 2005, the Board of Directors finalized the terms of such grant and awarded 5,700,000 options with an exercise price of $0.40 per share. 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 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.

ON BEHALF OF THE BOARD OF DIRECTORS

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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