Mr. Mackenzie Loree reports

PETROSTAR ANNOUNCES COMPLETION OF DEBT SETTLEMENTS AND RESCHEDULING OF REZONING MEETING WITH VULCAN COUNTY

Petrostar Petroleum Corp., pursuant to a series of debt settlement agreements dated Jan. 8, 2014, proposes to issue 5,529,196 common shares at a deemed price of nine cents per share to settle an aggregate of $497,627.71 in outstanding debt. Approximately 21 per cent of the common shares to be issued in connection with the debt settlement will be issued to insiders of the company.

The company elected to complete the debt settlement in light of its current working capital position and in order to preserve cash to fund the development of its continuing projects. Any shares issued in connection with the debt settlement will be issued in reliance on certain prospectus and registration exemptions under applicable securities legislation, and will be subject to a hold period of four months and a day. The completion of the debt settlement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The company also wishes to announce that the first reading of its revised tank farm development rezoning proposal before the municipal county of Vulcan county, Alberta, has been rescheduled from Jan. 15, 2014, to Feb. 2, 2014. As disclosed in a news release dated Dec. 5, 2013, Mackenzie Loree, the company's chief executive officer, hosted a public open house on Dec. 2, 2013, to introduce area residents of Vulcan county to both Petrostar and the proposed development.

We seek Safe Harbor.