Ms. Deanna Sauve reports

PETROSTAR/NEPCO JOINT VENTURE AGREEMENT TERMINATED

Petrostar Petroleum Corp. has issued a formal letter to Nepco LLC of Cheyenne, Wyo., terminating the joint venture partnership. The agreement was initially announced Nov. 12, 2012, with an extension announced May 16, 2013. The extended deadline was set at Aug. 1, 2013, which has now expired without the terms having been met.

With the expiration of the deadline and no further extension having been negotiated, the partnership with Nepco to construct and operate the modular refineries in Alberta has been terminated.

The company is currently reviewing its options regarding the modular refinery project.