Petrostar Announces Joint Venture Extension

(via Thenewswire.ca)

May 16, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture:
PEP, "Petrostar" or "the Company") wishes to
announce that the Company and its joint venture partner, Nepco LLC of
Cheyenne, Wyoming, have agreed to an extension of the joint venture
agreement signed and announced on November 12, 2012.

In order to complete all items in the original agreement, both sides
have agreed to extend the time required to secure the financing from
May 15, 2013 to August 1, 2013. All other terms and conditions remain
unchanged.

The parties desire to participate in the construction and operation of
two, and possibly more, petroleum distillation facilities in Alberta,
Canada. The first distillation facility will be constructed in
Farrow, Alberta as announced on February 19, 2013.

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 both
Alberta and Saskatchewan.

For further information, please contact:

Bruce Scafe, IR and Communications Officer

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

Alternate contact information:

Dee L. Sauve

Corporate Compliance Officer

604-568-4350 or info@petrostarpetroleum.com

Neither the TSX Venture Exchange nor its Regulation Services Provider
(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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