Petrostar Signs Lease Option for Farrow Refinery Property
(via Thenewswire.ca)
March 1, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP; "Petrostar" or "the Company) is pleased to announce that it has signed a lease option agreement for the land required for Farrow Distillation's modular refinery. This will allow site survey preparations and permit application processes to begin.
R.M Loree, Petrostar's CEO, stated:
"The land lease and its location hold a significant importance to the Company, and me personally. Petrostar's inaugural refining project, Farrow Distillation Corp., is going to be developing and maintaining a facility in Farrow, Alberta, hence the name. Farrow, Alberta is also known as the town of Randle, named after my late grandfather, George Randle.
The town of Farrow is located in the County of Vulcan, which is southeast of Calgary. Vulcan is an exceptional area made up of progressive and wholesome citizens. Petrostar is pleased to be working on the Farrow Distillation development, which will bring jobs and significant opportunity to this proud area.
For anybody who is interested in the site, please feel free to research the area, but please remain respectful as that the land is privately owned."
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, Investor Relations 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.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of Petrostar are forward looking-statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Petrostar's plans or expectations include availability of capital and financing, general economic, market or business conditions, regulatory changes, timelines of government or regulatory approvals and other risks inherent in the oil and gas and mineral exploration industries and from the time to time in the filings made by Petrostar. Petrostar makes all reasonable efforts to update its corporate material, documentation and forward-looking information on a timely basis.
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