THE PAINTED PIG AFTER MARKET UPDATEPetrostar to start drilling at Bakken
Petrostar Petroleum Corp (C:PEP)
Shares Issued 78,078,902
Last Close6/20/2008 $0.275
Monday June 23 2008 - News Release
Mr. Robert Sim reports
PETROSTAR TO COMMENCE DRILLING BAKKEN OIL PLAY IN SE SASKATCHEWAN
Petrostar Petroleum Corp. has finalized its agreement with its joint venturepartner on leases that are located in the Bakken oil play, in southeasternSaskatchewan.
Petrostar will drill three initial wells in what it believes are three newpools of Bakken Oil in southeastern Saskatchewan.
Upon the success of each of these wells, the joint venture will be expandedto nine or more additional wells to develop these three pools and any additionalpools that can be identified.
The drilling locations have been surveyed and permitting applicationssubmitted, which are anticipated to be approved on or before June 30, 2008.Petrostar, as operator, has contracted the services of Terroco Drilling Ltd. fora drilling rig and other ancillary services to initiate drilling as soon as thepermits are received.
The leases are located in the SE Saskatchewan extension of the prolificBakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montanaand North Dakota in the USA.
The parties will continue to locate and acquire additional lands within thegeneral area of the Bakken play.
© 2008 Canjex Publishing Ltd.