Petrostar Pays Judgement

05.04.2013  |  The Newswire

(via Thenewswire.ca)

April 5, 2013, Vancouver, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP, "Petrostar" or "the Company") would like to inform its shareholders that a Judgment and subsequent Garnishee of the Company's bank account was awarded to Independent Well Servicing Ltd. of North Vancouver, BC.

The Judgement was granted by the Queen's Bench Judicial Centre of Regina in February 2011, and the Garnishee Order was granted by the Supreme Court of British Columbia on April 4, 2013.

This Garnishee settles all past debt between Petrostar Petroleum and Independent Well Servicing, and effectively reduces Petrostar's operating capital to zero.

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) 2013 TheNewswire - All rights reserved.