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 1 B 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 t he company ’ s proposed Class 1 B deep disposal facility. The transaction will be a non - a rms length and subject to TSX-V approval.
Petrostar CEO R. Mackenzie Loree 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 pros perity. 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 Alber ta 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."
For further information regarding Camarico, see the Company's profile on SEDAR at www.sedar.com.
Mackenzie Loree, CEO
Neither the Canadian Securities Exchange (CSE) 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
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outcome of such items or factors.
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