Petrostar drills 20 m of pay at A5 in Saskatchewan

2008-08-06 16:19 ET - News Release

Mr. Robert Sim reports

BAKKEN PLAY YIELDS SECOND DISCOVERY WELL

Petrostar Petroleum Corp. has drilled a new discovery well (A5) in an area of southeastern Saskatchewan currently not being drilled by other producers.

The well encountered more than 20 metres of pay in a sand formation with excellent porosity (15 to 30 per cent) and good permeability. This sand zone is in the Mississippian group of sands.

The company is now preparing its next drill location and will announce details shortly. Petrostar will test the A5 and, upon successful testing, proceed with production over the next few weeks.

The A3 well logs have been further analyzed and there are now two significant shows of oil. There is a more-than-14-metre pay zone that corresponds to the A5 well's zone, and another shallower zone with more than 10 m of pay that may be lighter oil.

The company is now evaluating the testing and production of these two zones in the A3 well.

The leases are located in the southeastern 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 has acquired substantial petroleum and natural gas (PNG) rights to additional lands within the general area of the Bakken play and Petrostar's general area of interest.