Petrostar Re-files Rezoning Proposal with Vulcan County and Terminates LOI for PN&G Assets

V.PEP

(via Thenewswire.ca)

Petrostar Petroleum Corporation ("Petrostar" or the "Company") wishes to announce that it has re-filed the rezoning proposal for its Tank Farm development in Vulcan County, Alberta, originally announced on December 5, 2013. Management decided that it was appropriate to revise the proposal in order to include a larger parcel of land than the one that was included in the original proposal submitted to the County. The first reading of the revised rezoning proposal at the municipal council level will take place on January 15, 2014.

The Company also wishes to announce it has terminated the letter of intent originally announced on May 24, 2013 to divest certain PN&G assets to a private oil and gas producer. Certain conditions of the LOI had not been met by the proposed purchaser, and Petrostar's management decided to cancel the deal as a result. As stated in the original news release announcing the LOI, all assets that were the subject of the proposed sale will remain with Petrostar. Management is looking at other possible opportunities at this time and will continue to update the public on the status of these assets.

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 bscafe@petrostarpetroleum.com

Alternate Contact.

Mackenzie Loree, CEO

1-403-861-6779 or mloree@petrostarpetroleum.com

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.

Copyright (c) 2013 TheNewswire - All rights reserved.


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