Petrostar Completes Forestburg Mineral Transaction

(via Thenewswire.ca)

November 8, 2012, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP; "Petrostar" or "the Company") is pleased to announce that it has received final Exchange approval of the transaction relating to the purchase of the mineral rights from MSL Building Company Ltd., as announced in the Company's news release dated October 23, 2012 .

In consideration for 100% ownership of the mineral rights, Petrostar will issue 333,000 shares to MSL at a deemed price of $0.18 per share. The shares will be subject to a four-month hold period.

R.M. Loree, President & CEO of Petrostar, stated:

"The acquisition of the mineral rights from MSL is a strategic achievement for the ongoing success and integration of Petrostar. The property provides a window to the bigger picture that the Company is working diligently to make a reality."

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, 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.

-

Copyright (c) 2012 Thenewswire.ca - All rights reserved.