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Petrostar enters LOI to develop Sask. oil zones

2008-06-03 08:04 ET - News Release

Mr. Robert Sim reports

PETROSTAR PETROLEUM CORPORATION: LETTER OF INTENT SIGNED TO DEVELOP BAKKEN OIL PLAY IN SE SASKATCHEWAN

Petrostar Petroleum Corp. has entered into a letter of intent with Leaf& Stone Resonance Services Ltd. (L&SRS) of Saskatoon, Sask., todevelop certain leaseholds acquired by L&SRS located insoutheastern Saskatchewan. The leases will cover up to 12 quartersections of freehold lands that have been acquired.

The area to be developed has two potential oil-bearing zones;the Frobisher, at a depth of approximately 500 metres, and the Bakken,at a depth of 1,100 metres to 1,400 metres.

Under the terms of the agreement, Petrostar will be the operator andprovide up to $250,000 in drilling funds, which matches the technicaland mineral rights acquisition costs provided by L&SRS. All futurecosts will be shared on an equal 50/50 basis.

It is planned to initiate a three-well drilling program, whichwill commence as soon as permitting and establishment of surface leaserequirements for the well site are received. The initial well is to bethe first of a potential three-well program designated for the project.

Petrostar is the operator of the project and has retained DJCraven Oilfield Consultants to supervise and assemble equipment andservices to prepare for spudding of the first well. At this time, theintent is to drill the three wells consecutively while the services andequipment is readily available.

The parties will also continue to locate and acquire additionallands within the general area of the Bakken play under the same termsand conditions. More developments will be forthcoming as the projectproceeds.

We seek Safe Harbor.