Petrostar Clarifies Details of Judgement

08.04.2013  |  The Newswire

(via Thenewswire.ca)

April 8, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP, "Petrostar" or "the Company") wishes to clarify the following, in addition to the news release issued on April 5, 2013, at the request of the TSX Venture Exchange:

The original Judgement awarded to Independent Well Servicing in February 2011 was for $40,081.31. This amount includes the original invoice amount of $28,771.88 plus interest of $10,684.43 and costs of $625.00.

The Garnishee Order is for $40,632.95, the difference being the April 3, 2013 costs incurred by Independent Well to facilitate an Examination of Discovery of Petrostar's records. The Company's bank has the total amount of the Garnishee funds on hold, awaiting payment to the Supreme Court of British Columbia, and then payment to Independent Well.

As this Judgement has depleted the Company's cash flow, management is planning executive meetings towards the end of this week to address the matter of immediate operating capital and recapitalization for the future.

The Company is currently performing assessment work on the Joarcam, Herronton and Forestburg properties, and progressing with its joint venture refinery project with Nepco LLC.

The shares of Petrostar Petroleum will resume trading after dissemination of this news release.

About Petrostar Petroleum Corp.

Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading on the TSX Venture Exchange with property assets in both Alberta and Saskatchewan.

For further information, please contact:

Bruce Scafe, IR and Communications Officer

1-877-737-8864 or bscafe@petrostarpetroleum.com.

Alternate contact information:

Dee L. Sauve

Corporate Compliance Officer

604-568-4350 or info@petrostarpetroleum.com

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

Copyright (c) 2013 TheNewswire - All rights reserved.