TriStar announces closing of Bulldog acquisition; reiterates 2008 guidance



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    CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/

    Toronto Stock Exchange Symbol "TOG"

    CALGARY, Feb. 7 /CNW/ - TriStar Oil & Gas Ltd. ("TriStar" or the
"Company") (TOG - TSX) is pleased to announce that the plan of arrangement
(the "Arrangement") under the Business Corporations Act (Alberta) involving
TriStar and Bulldog Resources Inc. ("Bulldog") (BD - TSX) has been completed
effective today.
    Pursuant to the Arrangement, TriStar has acquired all of the issued and
outstanding common shares of Bulldog ("Bulldog Shares") in exchange for
16.8 million TriStar shares. It is anticipated that the Bulldog Shares will be
delisted from the TSX at the close of trading on Monday, February 11, 2008.
    The Bulldog assets are focused in TriStar's core area of Southeast
Saskatchewan and are comprised of more than 2,200 boepd of high quality light
oil, 85% operated. More than 75 percent of Bulldog production originates from
Fertile, a large, light oil (36 degree API) pool. Bulldog held a 50 percent
working interest in the Fertile pool. TriStar now owns 100% of the Fertile
pool as the other 50 percent working interest in the Fertile pool was acquired
through the previously closed acquisition of Arista Energy Limited ("Arista").
    In addition, through the acquisition of Bulldog, TriStar gains exposure
to an additional 10 net sections of Bakken prone acreage with 40 net
identified Bakken drilling locations.
    Bulldog's remaining assets are located in southeast Saskatchewan
including interests at Arcola, Browning, Crystal Hill, Handsworth and
Stoughton.

    CORPORATE OVERVIEW; 2008 GUIDANCE
    ---------------------------------
    With the completion of the Arrangement, TriStar confirms that it
anticipates 2008 average daily production of more than 20,250 boepd, comprised
of greater than 75 percent high quality, long life, light oil, with a 2008
production exit rate of more than 21,750 boepd.
    Upon closing of the Arrangement, TriStar estimates it will have the
following corporate characteristics:

    
    High Quality Assets:      Top-decile netbacks, greater than 85 percent
                              operated, light oil and natural gas reserves
                              and production focused in four core operating
                              areas

    High Quality Production:  Average Rate 2008 (E): greater than
                               20,250 boepd (greater than 75% light oil)
                              Exit Rate 2008 (E): greater than 21,750 boepd
                               (greater than 75% light oil)

    Estimated Net Debt:       Less than $300MM; less than 1.2 times cash flow
                              (US$75 WTI, $6.75 AECO)

    Shares Outstanding:       109.9 MM (B); 114.2 MM (FD)

    Significant Upside        Greater than 1,500 development locations
     Potential:               Greater than 780,000 net acres of undeveloped
                               land
    

    TriStar Oil & Gas Ltd. is a Calgary based company active in the
acquisition, exploration, development and production of crude oil and natural
gas in Western Canada.

    -------------------------------------------------------------------------
    Warning about Forward-Looking Statements

    This press release contains forward-looking statements. More
particularly, this press release contains statements concerning TriStar's
projected average annual and exit rates of production of oil and natural gas
for 2008 and estimated net debt and cash flow following closing of the
announced acquisitions.
    The forward-looking statements are based on certain key expectations and
assumptions made by TriStar, including expectations and assumptions concerning
prevailing commodity prices and exchange rates, availability and cost of
labour and services, the timing of receipt of regulatory approvals, the
performance of existing wells, the success obtained in drilling new wells, the
performance of new wells and the sufficiency of budgeted capital expenditures
in carrying out TriStar's planned activities.
    Although TriStar believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue reliance should
not be placed on the forward-looking statements because TriStar can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with the oil and gas
industry in general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
commodity price and exchange rate fluctuations and uncertainties resulting
from potential delays or changes in plans with respect to exploration or
development projects or capital expenditures. These risks are set out in more
detail in TriStar's annual information form for the year ended December 31,
2006, which can be accessed at www.sedar.com.
    The forward-looking statements contained in this press release are made
as of the date hereof and TriStar undertakes no obligation to update publicly
or revise any forward-looking statements or information, whether as a result
of new information, future events or otherwise, unless so required by
applicable securities laws.

    Meaning of Certain Terms

    When used in this press release, boe means a barrel of oil equivalent on
the basis of 1 boe to 6 thousand cubic feet of natural gas. Boepd means a
barrel of oil equivalent per day.
    Boe's may be misleading, particularly if used in isolation. A boe
conversion ratio of 1 boe for 6 thousand cubic feet of natural gas is based on
an energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.
    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The common
shares offered have not and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and many not be offered or sold in the United States except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable states securities laws.
    -------------------------------------------------------------------------

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    %SEDAR: 00025796E




For further information:

For further information: Brett Herman, President and Chief Executive
Officer, TriStar Oil & Gas Ltd., Telephone: (403) 268-7800, Fax: (403)
218-6075; Jason J. Zabinsky, Vice President, Finance and Chief Financial
Officer, TriStar Oil & Gas Ltd., Telephone: (403) 268-7800, Fax: (403)
218-6075

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TriStar Oil & Gas Ltd.

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