Petrostar Petroleum Corp
		Symbol			PEP
		Shares Issued			87,456,093
		Close 2009-02-13			C$ 0.115
		Recent Sedar Documents

Petrostar Petroleum plans $1-million private placement

2009-02-17 14:37 ET - News Release

Mr. Robert Sim reports

Petrostar Petroleum Corp. plans to issue, through a non-brokered private placement, up to 10 million units of the company at a price of 10 cents per unit for a total of $1-million. Each unit will consist of one flow-through 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 12 cents per share in the first year and 15 cents per share in the second year. The private placement is subject to the acceptance of the TSX Venture Exchange and all shares issued thereunder will be subject to a four-month hold period.

The funds will be used to finance a continuing exploration program on leases that are located in the southeast Saskatchewan and southwest Manitoba extension of the prolific Bakken oil play.

The company is also pleased to announce the appointment of Bruce A. Scafe to the board of directors. Mr. Scafe brings to Petrostar experience in both corporate communications and finance.

The company also intends to grant a total of 785,000 incentive options to its consultants, officers and directors for a period of two to five years at a price of 10 cents per share.

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