Drilling Underway on Petrostar's First Bakken Well in SE Saskatchewan

VANCOUVER, BRITISH-COLUMBIA, Jul 23 (MARKET WIRE) --
Petrostar Petroleum Corporation (TSX VENTURE: PEP)(FRANKFURT:
LMQ)("Petrostar" or the "Company") announces that it has initiated
drilling of its first Bakken Well.

The first well will be drilled to a depth of approximately 900m-1,000m.
The drilling is being conducted by Terroco Drilling Ltd. The next planned
drilling location is approximately 4 miles from the current well site and
all surveys and permits for the 2 additional wells to be drilled from
this location have been received and the drilling will commence
immediately after the initial well is completed. More information will be
available as drilling progresses.

Petrostar Petroleum Corp. will drill the 3 initial wells in what it
believes are 3 new pools of Bakken Oil in SE Saskatchewan. The drilling
program on the first 3 wells is being conducted under the JV with LSRS as
announced on June 2, 2008. More information on this and other projects is
available on Petrostar's web site at www.petrostarpetroleum.ca.

The leases are located in the SE Saskatchewan extension of the prolific
Bakken oil play that covers Southern Alberta, Saskatchewan and Manitoba
in Canada, and Montana and North Dakota in the USA.

The Company is continuing to locate and is currently acquiring additional
lands within the general area of the Bakken play and Petrostar's general
area of interest.

In other developments the Company has met the requirements to now be
classified as a TIER 1 listing on the TSX Venture Exchange.

On behalf of the Board of Directors,

Robert A. Sim,

President and Director

Safe Harbor Statement and Disclaimer:

This Press Release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Act of 1934. A statement identified by the words
"expects", "projects", "plans", and certain of the other foregoing
statements may be deemed forward-looking statements. Although Petrostar
Petroleum Corporation believes that the expectations reflected in such
forward-looking statements are reasonable, these statements involve risks
and uncertainties that may cause actual future activities and results to
be materially different from those suggested or described in this press
release. These include risks inherent in the development and production
of oil wells, including risks of fire, explosion, blowout, pipe failure,
casing collapse, unusual or unexpected formation pressures, environmental
hazards, and other operating and production risks inherent in oil
production activities, which may temporarily or permanently reduce
production or cause initial production or test results to not be
indicative of future well performance or delay the timing of sales or
completion of production operations; risks with respect to oil prices, a
material decline in which could cause the Company to delay or suspend
planned drilling operations or reduce production levels; and risks
relating to the availability of capital to fund drilling operations that
can be adversely affected by adverse drilling results, production
declines and declines in oil prices and other risk factors.

Contacts:
Petrostar Petroleum Corporation
604-662-3005, ext. 105
thorgauti@petrostarpetroleum.ca
www.petrostarpetroleum.ca

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