NANTON, AB / ACCESSWIRE / May 12, 2015 / Petrostar Petroleum Corporation ("Petrostar" or "the Company") is pleased to provide an update relating to the arrangement that was announced on December 12 2014 where Mako Well Services a non-arms length company has committed to the fabrication and supply of surface equipment for a Class 1B Disposal Facility that is yet to be named.
As previously announced Mako Energy services will receive 12.5 million common shares of the company on completion of the manufacture and delivery of the equipment required to operate the company's proposed Class1 B deep disposal facility. The transaction will be a non-arms length and subject to TSXV approval.
R. Mackenzie Loree Petrostar CEO stated "The Company is working diligently to develop a deep well disposal asset in Southern Alberta in order to stimulate cash flow and kick off a long awaited era of Petrostar prosperity. The company feels strongly that a price competitive disposal facility will be beneficial to its customers and to the company through the means of an achievable and affordable project. Many producers are subject to adverse market conditions in Alberta and operating overhead is a grave concern for many. This provides a strategic opportunity for Petrostar to take the initiative and opportunity to execute a long life project that is instrumental to the success of many. Mako Well Services is a non-arms length company and has been working on the development and production of the surface facilities required for a deep well disposal application. The Company has reported that its manufacturing process is 75% complete."
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, Director
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.
SOURCE: Petrostar Petroleum Corporation
