Petrostar Signs Letter of Intent for its P&ng Assets

24.05.2013  |  The Newswire

(via Thenewswire.ca)

May 24, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture:
PEP, "Petrostar" or "the Company") is pleased to
announce that it has executed a Letter of Intent with a private oil
and gas producer to divest certain P&NG assets.

Under the terms of the LOI, Petrostar, and its subsidiaries, will
divest all interests in the Beaverhill Lake and Joarcam areas of
Alberta, and its remaining Bakken interests for the nominal sum of two
million dollars ($2,000,000) in common equity of the purchasing
company.

The asset sale is conditional on the purchasing company successfully
completing its listing in the public market. In the event entry into
the public market is not achieved, the assets will revert back to
Petrostar and its subsidiaries.

All terms and conditions are also subject to regulatory and subsidiary
approvals.

R.M. Loree, Petrostar's CEO, stated:

"This is an excellent opportunity for Petrostar to develop its
P&NG assets and gain a positive equity position in another
industry player. With the current focus of our mandate being the
modular refineries, we can use this opportunity to lower our overhead
and keep focus on our primary objectives."

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.

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