TrueStar Petroleum Corporation

TrueStar Petroleum Corporation

April 10, 2006 08:37 ET

TrueStar Reserves Increase 20% Since August 2005

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2006) - TrueStar Petroleum Corporation (TSX VENTURE:TPC) announces an increase of proved reserves for its Barnett Shale play in Texas of 6.121 Bcfe, representing a 20% increase, over the period from August 1 to December 31, 2005. Harper and Associates of Fort Worth completed a new estimate of TrueStar's reserves as of December 31, 2005 using SEC guidelines. Harper estimates total proved reserves of 37.041 Bcfe with an estimate of future net revenues discounted at 10% per year of US$85.9 million for TrueStar's leases in the Barnett Shale play of Denton and Tarrant Counties, Texas. These reserves represent an 1888% reserve replacement ratio over the 5-month period from the previous reserve estimate as of August 1, 2005, also by Harper.

"This growth is the result of our focussed lease acquisition program in the area of our existing operations. We look forward to additional growth in this core area of our activities with our renewed drilling program combined with additional lease acquisitions," said Charles A. Kohlhaas, Chairman. "TrueStar is actively pursuing opportunities to add to its existing acreage position through the negotiation and acquisition of additional leases from mineral holders, leaseholders and strategic partnerships with other operators in the field. Our $50 million credit line with Macquarie Bank gives us adequate funding to develop additional leases we acquire".

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

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