News
NEWS RELEASE
JUNE 24, 2009
FARMOUT AGREEMENT ANNOUNCED... PRIVATE PLACEMENT COMPLETED...
Petrostar Petroleum Corporation (TSX-Venture: PEP, Frankfurt: LMQ; "Petrostar" or the "Company") announces that:
The TSX Venture Exchange has accepted for filing a non-brokered private placement of 2,165,000 units (the "Units") of the Company at a price of $0.08 per unit for a total of $173,200.00. Each unit will consist of one 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.
Petrostar Enters Into Farmout Agreement With Five O Oil & Gas Ltd.
The Company announces that it has entered into a farmout agreement with Five O Oil & Gas Ltd., a private company located in Lloydminster Alberta as farmee. Under the terms of the agreement, Five O will farm in to fund a recompletion program on Petrostar's A7-15-48-24W3M lease near Lashburn, SK. The program will entail a recompletion program whereby the well will be re-entered and completion in the Sparky Zone at 567.5 meters attempted. Upon successful completion and sustained production, Five O will earn a 50% working interest in the 160 acre leasehold. The program is scheduled to be completed on or before august 15, 2009. More information regarding the start up date will be announced when available.
More information is available on the Company website at www.petrostarpetroleum.ca.
On behalf of the Board of Directors,
Robert A. Sim
President and Director