JV Extension Petrostar Announces Joint Venture Extension
May 16, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP, "Petrostar" or "the Company") wishes to announce that the Company and its joint venture partner, Nepco LLC of Cheyenne, Wyoming, have agreed to an extension of the joint venture agreement signed and announced on November 12, 2012.
In order to complete all items in the original agreement, both sides have agreed to extend the time required to secure the financing from May 15, 2013 to August 1, 2013. All other terms and conditions remain unchanged.
The parties desire to participate in the construction and operation of two, and possibly more, petroleum distillation facilities in Alberta, Canada. The first distillation facility will be constructed in Farrow, Alberta as announced on February 19, 2013.