Mr. Bruce Scafe reports

DEBT SETTLEMENT AGREEMENTS

Petrostar Petroleum Corp. has entered into two debt settlement agreements dated July 31, 2015, in order to settle an additional $55,200 in outstanding debt through the issuance of 1,104,000 Petrostar common shares at deemed prices of five cents per share.

The company elected to complete the new debt settlement in light of its current working capital position and in order to preserve cash to finance 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.

We seek Safe Harbor.