Petrostar starts drilling first Bakken well

2008-07-22 16:25 ET - News Release

Mr. Robert Sim reports

DRILLING UNDERWAY ON PETROSTAR'S FIRST BAKKEN WELL IN SE SASKATCHEWAN

Petrostar Petroleum Corp. has initiated drilling of its first Bakken well.

The first well will be drilled to a depth of approximately 900 to 1,000 metres. The drilling is being conducted by Terroco Drilling Ltd. The next planned drilling location is approximately four miles from the current well site and all surveys and permits for the two additional wells to be drilled from this location have been received and the drilling will commence immediately after the initial well is completed. More information will be available as drilling progresses.

Petrostar Petroleum will drill the three initial wells in what it believes are three new pools of Bakken oil in southeast Saskatchewan. The drilling program on the first three wells is being conducted under the joint venture with LSRS as reported in Stockwatch on June 2, 2008. More information on this and other projects is available on Petrostar's website.

The leases are located in the southeast Saskatchewan extension of the prolific Bakken oil play that covers southern Alberta, Saskatchewan and Manitoba in Canada, and Montana and North Dakota in the United States.

The company is continuing to locate and is currently acquiring additional lands within the general area of the Bakken play and Petrostar's general area of interest.

In other developments, the company has met the requirements to now be classified as a Tier 1 listing on the TSX Venture Exchange.