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Petrostar Updates Maidstone/Lashburn Property Deal

Oct 15, 2010 (TheNewswire.ca via COMTEX News Network) --

(via Thenewswire.ca)

October 15, 2010 - Victoria, BC - Petrostar Petroleum Corp. (TSX-V: PEP) ("Petrostar" or "the Company") wishes to announce that the previously announced sale of its Maidstone/Lashburn properties will not close today as expected (see news release dated September 29, 2010). Pavillion Energy notified the Company that Pavillion would not be removing certain subjects on the existing offer and thus the offer is now void.

Petrostar and Pavillion are still in conversation and a new offer may or may not be forthcoming. Petrostar will now entertain alternative offers that have been presented. The Company expects to make a follow-up announcement soon.

About Petrostar Petroleum Corp.

Petrostar Petroleum is a Canadian-based oil and gas producer committed to providing sustainable growth and value to its shareholders through progressive production of heavy and medium oil properties. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders' risk exposure at various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator. Petrostar is committed to advancing the use of "green technologies" where possible in the exploration and production of oil and gas. Petrostar and its partner, King Energy Distribution, are working together to lessen overall emissions by developing, using and distributing new technologies to the oil and gas industry.

On behalf of the Board of Directors,

Bruce Scafe, President
 
aus der Diskussion: PETROSTAR PETROLEUM ---- Unentdeckter Ölexplorer
Autor (Datum des Eintrages): money-for-nothing  (16.10.10 10:17:54)
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