Mar 7th, 2013 Copyright (c) 2013 Thenewswire.ca - All rights reserved.
(via Thenewswire.ca)
March 7, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP, "Petrostar" or "the Company") is very pleased that the previously announced transaction between Elmdale Resources Ltd. and Petrostar (see news releases dated August 16 and October 17, 2012) has been approved for filing by the TSX Venture Exchange.
Exchange approval will result in the transfer of a 100% W.I. ownership in two wells (06-32-18-25W4 & 10-31-18-25W4) in the field of Herronton, Alberta, from Elmdale to Petrostar. In consideration, Petrostar will issue 1,250,000 common shares of its stock to the shareholders of Elmdale at a deemed price of $0.15. The shares will be subject to a four-month hold period.
R.M. Loree, President and CEO of Petrostar, states:
"We have conducted field tests utilizing the Booster Technology available to Petrostar and its operating subsidiaries, and found the results to be very favourable. The proximity of the two natural gas wells listed above coincides with the Company's current developments with Farrow Distillation Corp. From a strategic point of view, it is important to have the ability to hedge costs for natural gas feedstock within the Company's own refining interests."
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) 2013 Thenewswire.ca - All rights reserved.
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