Petrostar Petroleum Corporation
Head Office: 615 - 700 W. Pender St.
Vancouver, BC V6C 1G8
Field Office: 6010 -A, 50th Ave.
Lloydminster, AB T9V 2T9
www.petrostarpetroleum.ca
NEWS RELEASE
February 18, 2010
Petrostar To Continue Bakken Development Program....
Petrostar Petroleum Corp. (TSX-Venture: PEP, Frankfurt: LMQ; "Petrostar" or the "Company") announces that work is scheduled to commence on one of the company's 100% owned P&NG leases that are located in the SE. Saskatchewan extension of the prolific Bakken oil formation. This work is scheduled to begin on or before February 24 2010. The company has contracted Innovative Supervision Ltd. of Estevan, Saskatchewan to supervise and complete the project. The extent of this initial work program will be to re-enter and re-complete the A1-26-14-31W located near Moosomin, SK l in order to place the well on production. The A1-26 well was initially drilled and completed in the fall of 2008, with positive results. Oil sands were encountered and the well completed through to installing production facilities including pumps and storage tank. However completion technicalities failed to sustain production. Petrostar management has determined that the well was perforated in a shale stringer of the zone with resulting poor inflow. What production inflow occurred was light oil (32API) with no water content. The recommendations of the latest geologic and engineering assessment are that the zone be perforated to its full extent above and below the old perfs. Petrostar management has decided to proceed with these recommendations. It is the consensus that A1-26 will be a producing well and will be a new discovery in this area for Petrostar. Once this re- work program is completed, flow rates will be determined and announced and the well placed back on production. Petrostar management will then look to expanding their exploration programs on its leases that are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montana and North Dakota in the USA. To date the Company has acquired P&NG leases covering some 30 locations, both in the SE Saskatchewan area and in SW Manitoba.
On behalf of the Board of Directors,
Bruce Scafe
President
Petrostar Petroleum Corp.
1-877-737-8864
1-250-710-4022 Cell
bscafe@shaw.ca
Head Office: 908 Hillside Avenue Victoria, B.C. V8T 1Z8
Telephone: 250-383-2000 Fax: 250-383-2020
Field Office: 6010 A 50th Avenue, Lloydminster, AB, T9V 2T9
Telephone: 780-872-7339 Fax: 780-872-7149
Mailing Address: Box 11590, Lloydminster, AB T9V 3B8
Safe Harbor Statement and Disclaimer:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects", "projects", "plans", and certain of the other foregoing statements may be deemed forward-looking statements. Although Petrostar Petroleum Corporation believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the development and production of oil wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of production operations; risks with respect to oil prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil prices and other risk factors.