Nanton, AB / ACCESSWIRE / April 17, 2014 / Petrostar Petroleum Corporation ("Petrostar" or "the Company") announces that on April 16, 2014 the Vulcan County, Alberta municipal council postponed the Company's revised rezoning application for its Tank Farm and Modular Refinery development until such time as the Company completes an Environmental Impact Assessment on the proposed development. Petrostar's CEO, Mackenzie Loree, attended the meeting and represented the Company.
Mr. Loree stated: "I am truly and thoroughly disappointed with the County's decision to request an EIA based on one specific property that covers only 2.5 acres of the 80 acres of land (3.125%) that was slated for rezoning. The Company was prepared to complete an EIA in connection with the submission of the licence application regarding the Modular Refinery to the Alberta government. This, among other studies, was scheduled to occur following the successful completion of the land rezoning. If Petrostar was willing to comply with the County's request it would need to pay up to $1.5 million to conduct studies on lands that it does not currently have the right to develop. In addition, other key projects vital to the Company's future and success would need to be postponed due to rezoning delay. Petrostar has devoted a significant amount of time and money to this project and cannot afford to remain idle for another several months pending receipt of approval for a basic land rezoning."
"I am still a supporter of many of the people who reside in Vulcan County and am deeply saddened that Petrostar will not be continuing on with its proposed development. The Company has decided to seek other opportunities and locations in which to invest."
"In the meantime, investors should expect to see a steady stream of news releases, CEO addresses and progression as Petrostar is not prepared to lie down and give up the fight to succeed. The Company welcomes any comments that investors may have, either on this matter or otherwise, and appreciates the continued loyalty of its shareholders."
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]
Mackenzie Loree, CEO
1-403-861-6779 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.
FORWARD LOOKING INFORMATION
Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from a conclusion, forecast or projection in such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR TIME.
SOURCE: Petrostar Petroleum Corporation