Petrostar Accepts Offers to Sell Lashburn Property & Dht Equipment

24.05.2012  |  The Newswire

(via Thenewswire.ca)

May 24, 2012

TSX-V Symbol: PEP

Petrostar Petroleum Corp. ("Petrostar" or "the
Company") wishes to announce it has accepted an offer for the
sale of its Lashburn 1/4 section heavy oil lease in Saskatchewan
from a private Alberta oil and gas producer working in the area. A
formal purchase and sale agreement is being finalized and, upon
acceptance by regulatory authorities, the expected closing date is
June 15, 2012. Shareholder approval for the sale of this property was
granted at Petrostar's last AGM held on Tuesday, July 7, 2011. The
proceeds from the sale will be used to settle debts pertaining to the
property.

The Company also announces the sale of its used DHT (Down Hole Tool)
equipment to a private oil and gas company in British Columbia. Sale
proceeds were $30,000 as the equipment was in need of repairs and
maintenance due to being in storage for the past two years. The
proceeds from this sale will be used for general working capital.

Petrostar has received numerous enquiries from other interested
parties about the Down Hole Heating Tool and is considering its
options in regards to further manufacturing.

Also, the Company is confident its Private Placement announced April
20, 2012, and due to close June 4, 2012, will complete, raising the
expected $125,000 needed to finance the yearend audit, annual filings
and Annual General Meeting.

About Petrostar Petroleum Corp.

Petrostar is a Tier 2 Canadian-based oil and gas exploration company
trading on the TSX Venture Exchange. 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 to 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.

For further information please contact Bruce Scafe, President / CEO at
1-877-737-8864.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

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