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Message: Activity Update .......acquired some 30 additional PN&G leases
| January 14, 2009 |
| Petrostar Petroleum Corporation: Activity Update |
| VANCOUVER, BRITISH-COLUMBIA--(Marketwire - Jan. 14, 2009) - Petrostar Petroleum Corporation (TSX VENTURE:PEP)(FRANKFURT:LMQ) ("Petrostar") is pleased to provide the following activity update: Bakken Exploration Program The Company has drilled 3 wells in the Moosomin area of SE Saskatchewan and acquired some 30 additional PN&G leases that are all located in the prolific Bakken Oil Play. The current well has been perfed and production equipment installed. A testing program will be carried out on this latest well subject to weather and services availability. Severe winter conditions continue to hamper operations in this area. The initial 2 wells continue under a tight-hole status. Activity will resume at some future date. DHT & ETH Technologies The Down Hole Tool (DHT) is a system and method for generating underground heat, steam and pressure. Specifically, the present invention relates to an electrical steam generation system that enables efficient production of down-hole heating and steam production without the typical heat and pressure loss of traditional surface steam generation equipment. In September 2008 the Company entered into a rental agreement with Oilsands Quest Inc. whereby Oilsands would test Petrostar's DHT (Down Hole Tool-DHT2) at their Northern Axe Lake, SK facility. During the initial DHT testing period, Oilsands will pay a monthly rental charge of $10,000.00 plus GST. That agreement has been extended to March 2009 from the original 3 month agreement. During initial testing, Petrostar completed and provided Oilsands with a new DHT configuration (DHT2C) that will address the specific needs of the oil sands company. The facility will require a DHT operating at 200 meters and with greater length heating rods and housing. Should the parties agree the testing has been successful, Petrostar will provide a quotation for the manufacture of a custom DHT unit (DHT-4-Mark10-480V) that will address these specific needs. Petrostar has increased its Lloydminster facilities to double the current size to be able to provide an assembly area for both the DHT units and its ETH (Electric Tank Heater). The DHT3 and the custom delivery system is now completed after many months of delivery delays; is the latest DHT model; and incorporates all modifications and improvements from field tests of the DHT1&2 models, as well as having a 5,000 foot capability. This unit is now undergoing surface testing, which will continue for approximately 3 weeks after which the unit will be deployed with either a client or installed in a new well location at Maidstone. With the expanded shop facilities, Petrostar is now capable of surface testing of this and future units within the shop facilities. In addition, testing of the ETH units will now be a standard quality control procedure. The ETH meets CSA approvals for field installation and full CSA approvals for OEM has been ongoing for several months with approvals expected to be received by April 2009. This will enable Petrostar to pursue a more aggressive commercialization of the technology. The unit is capable of replacing current burner tube tank heating devices and has a zero CO2 emission signature, as well as reducing operating costs by using power generated from top drive motors and eliminating the fuel requirements of the burner units. The ETH unit that was installed in June 2008 on Petrostar's 10/6 battery has been delivering between 29,000-14,000 BTU/hr to heat the oil and treat/clean it before shipping. The Company continues to receive inquiries into its technologies and it is primed to make these technologies a commercial success. More information on the DHT and ETH is available on the Company website at www.petrostarpetroleum.ca. On behalf of the Board of Directors, Robert A. Sim President and Director |
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