NEWS RELEASE | Tuesday, March 10th, 2015
Petrostar Petroleum Corporation (“Petrostar” or “the Company”) is pleased to provide its shareholders with this operational update from the Company’s three subsidiary companies. Company management is excited about the progress being made by its subsidiaries and expects a very busy year ahead despite lower commodity prices. The Company will issue further updates as operations with its subsidiaries further develop. Management is currently reviewing all operations and corporate structure to optimize and take advantage of the opportunities in the current market.
Maverick Northstar Inc. Report (“Maverick Northstar” or “the Company”) has recently submitted a licensing application for the Company’s GTL (Gas-to-Liquids) Technology to the AER (Alberta Energy Regulator). The license will allow the company to operate its modular GTL machines on selected PN&G leases in Alberta. Securing the license will allow the company to seek financing to construct the first machines to be used by the company to produce Methanol and eventually DME (Di-Methyl Ether). The Company is not expecting any problems with the licensing of the machines and is hopeful that approval will be granted early in Q2
Texalta Industries Ltd. Report (“Texalta Industries” or “the Company”) is in the site selection process to find the best possible location for the companies Class B disposal facility. Management has narrowed the search to two possible locations and along with a qualified engineer are evaluating the two candidate leases for suitability of existing wellbores to become disposal wells. Once the final site is determined ground work for the facility and necessary wellbore down hole work will begin under the supervision of the engineer. As announced on December 12th, 2014 Mako Well Services Ltd. a non arms length company will be supplying all the necessary surface equipment for the disposal facility. Site selection should be made on or before the end of Q1.
Lomac Canada Ltd. Report (“Lomac Canada Ltd. or “the Company”) continues to distribute third party methanol and other petro chemicals to customers in Southern Alberta from the company’s distribution facility in Aldersyde, AB. The company is also assessing the opportunity to storage and terminal other commodities from the site including crude to broaden the services offered. The company will continue to build its customer base in the area by networking with key industry contacts and producing companies.
R. Mackenzie Loree Petrostar CEO stated: “Our development activities have been steady over the past six months. Opportunities are being assessed on a daily basis along with the upkeep and progression on our existing projects. The market has impacted our ability to rapidly deploy in some areas of operation but has opened the door for many opportunities for the company to capitalize on other ventures that were not available in years previous. We anticipate great changes and progression coming through spring break up and into the summer months.”