Oct 17th, 2012 Copyright (c) 2012 Thenewswire.ca - All rights reserved.
(via Thenewswire.ca)
October 17, 2012, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP; "Petrostar" or "the Company") is very pleased to announce that further to its August 16th news release, the Company has completed the purchase of the PN&G rights to 2 wells from Elmdale Resources Ltd.
The definitive agreement will result in the transfer of 100% ownership of 2 wells in the Herronton Properties located in southern Alberta (06-32-18-25W4 & 10-31-18-25W4) from Elmdale to Petrostar.
In consideration, Petrostar will issue 1,250,000 common shares of the Company's stock to the shareholders of Elmdale at a deemed price of $0.15 per share. The shares issued will be subject to a four-month hold period and regulatory approval.
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, IR and Communications Officer, at 1-877-737-8864 or bscafe@petrostarpetroleum.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2012 Thenewswire.ca - All rights reserved.
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