Petrostar/Nepco Joint Venture Agreement Terminated

06.08.2013  |  The Newswire

August 6, 2013 - Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP; "Petrostar" or "the Company") announces that it has issued a formal letter to Nepco LLC of Cheyenne, Wyoming terminating the Joint Venture Partnership.

The agreement was initially announced November 12, 2012 with an extension announced May 16, 2013. The extended deadline was set at August 1, 2013, which has now expired without the terms having been met.

With the expiration of the deadline and no further extension having been negotiated, the partnership with Nepco to construct and operate the modular refineries in Alberta has been terminated.

The Company is currently reviewing its options regarding the modular refinery project.

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 Alberta and Saskatchewan.

For further information, please contact:

Bruce Scafe, IR and Communications Officer

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

Alternate contact information:

Deanna Sauve

Corporate Compliance Officer

Tel: 604-568-4350 or info@petrostarpetroleum.com

Neither the TSX Venture Exchange nor its Regulation Services Provided (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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