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Petrostar Petroleum Corporation Head Office: 615 - 700 W. Pender St. Vancouver, BC V6C 1G8 Field Office: 6010 -A, 50th Ave. Lloydminster, AB T9V 2T9 www.petrostarpetroleum.ca |
Petrostar Receives CSA Approvals for Canada & USA on its Electric Tank Heater.... Additional Director Appointed....
Petrostar Petroleum Corporation (TSX-Venture: PEP, Frankfurt: LMQ; "Petrostar" or the "Company") announces the following:
Electric Tank Heater Update
The company has received final CSA Certificate of Compliance cert. # 2121885 for its Electric Tank Heater. The CSA certificate is valid for Canada and the USA as to the following standards; a Explosion Proof Enclosure for Use in Class I Hazardous Locations and CSA Std. C22.2 No.88-1958 - Industrial Heating Equipment and UL Std. No. 823 8th edition - Electric heaters for use in Hazardous (Classified) Locations. In addition to the CSA approvals the ETH has received Canadian Industrial Design and USA Patent designations. Many companies have expressed interest in the tank heater and have had representatives visit Petrostar's Lloydminster facility to inspect and learn more about the ETH technology. These companies include Husky Oil, Canadian Natural Resources, Pennwest and Devon Energy. Feedback to date has been very positive and Petrostar expects to be able to give further updates regarding trials and sales very shortly.
Corporate Update
The board of directors of Petrostar Petroleum Corp. has appointed Mr. Aaron Lane to the company’s board of directors. Mr. Lane has extensive experience in both heavy and light oil and in all areas of field operation. Mr. Lane received a B.Sc. in Petroleum Engineering from the University of Alberta in 2000. Mr. Lane has been reviewing all of Petrostar's current operations and will be making recommendations back to the board on all future projects.
The board of directors would also like to announce that they have appointed Mr. William Stafford a director of the company to the CFO's position. Mr. Stafford takes over the position replacing director Robert A. Sim. Mr. Stafford brings years of experience in the financial and tax service industry to the position. Mr. Sim will continue to act as company Secretary and director.
Maidstone Field
The company is currently completing an aggressive work over program on three suspended wells at the Maidstone field. This includes replacing all worn equipment and upgrading production techniques to return them to production. Further updates will be provided as the work continues.
On behalf of the Board of Directors,
Bruce Scafe
President and Director
Safe Harbor Statement and Disclaimer:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects", "projects", "plans", and certain of the other foregoing statements may be deemed forward-looking statements. Although Petrostar Petroleum Corporation believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the development and production of oil wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of production operations; risks with respect to oil prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil prices and other risk factors.
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Petrostar Petroleum Corporation
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PRODUCER |
CODE : PEP.V |
ISIN : CA71676D2041 |
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Petrostar is a oil producing company based in Canada. Its main asset in production is MAIDSTONE in Canada and its main asset in development is LASHBURN SOUTH in Canada. Petrostar is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.3 millions as of today (US$ 977 832, € 867 631). Its stock quote reached its highest recent level on August 15, 2008 at CA$ 0.70, and its lowest recent point on April 27, 2012 at CA$ 0.01. Petrostar has 51 350 000 shares outstanding. |