PEP, Frankfurt: LMQ; "Petrostar" or the "Company") announces the following updates:
Electric Tank Heater Update
Petrostar Petroleum Corp. has embarked on a aggressive program to commercially market the Company's 100% owned, zero emissions, and recently patented (USA Design Patent Application 29/334,368), and CSA approved Electric Tank Heater. The company has recently had representatives from several major oil companies visit our Lloydminster, Sask. facility to inspect and learn about the ETH and its many features and benefits. The response from these sessions has been very positive and the company expects to be able to announce field trials with these prospective companies soon. Oil producing companies are being forced to look at reducing carbon emissions from all aspects of their business and Petrostar's ETH can assist them in meeting their carbon reduction goals and may help them achieve future carbon credits.
Maidstone Update
As announced in the company's September 1st 2009 news release, Petrostar stated that the company had initiated a work over program on some of its Maidstone wells and had received SIR permission to co-mingle and exploit the previously untested Sparky zone on wells showing potential in this zone. Petrostar is pleased to announce that this work has now been completed on the 11-6 well and the well is currently producing on average 3 meters³ of oil per day from the Sparky zone. Prior to this work over the 11-6 well was shut in. The company has two additional wells that are candidates for the same work over to establish production in the Sparky Zone. Further updates will be made as work continues.
The TSX Venture Exchange has accepted for filing a non-brokered private placement of 1,112,500 units (the "Units") of the Company at a price of $0.08 per Unit for a total of $ 89,000.00. Each Unit will consist of one common share (a "Common Share") in the capital of the Company and one non-transferable share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of two years following the closing date at a price of $0.10 per share in the first year and $0.12 per share in the second year. The private placement is subject to a 4-month hold period.
On behalf of the Board of Directors,
Bruce Scafe