Thursday, 16 May 2013 03:47 PM
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 [email protected].
Alternate contact information:
Dee L. Sauve
Corporate Compliance Officer
604-568-4350 or [email protected]
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.