TriStar announces closing strategic acquisitions; confirms upward revision to 2007 guidance



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    THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
    CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./

    Toronto Stock Exchange Symbol "TOG"

    CALGARY, April 2 /CNW/ - TriStar Oil & Gas Ltd. ("TriStar" or the
"Company") announces that it has successfully closed the previously announced
acquisition of certain assets (the "Assets") in its core areas of Ante Creek
and Countess, Alberta and in Southeast Saskatchewan for total cash
consideration of approximately $55.7 million, after certain closing
adjustments (the "Acquisitions").
    Brett Herman, President & CEO of TriStar commented, "We are pleased with
the successful closing of this transaction. These high quality assets are
producing over 950 Boepd and are strategically located in three of TriStar's
four key operating areas. This acquisition compliments our acquire, exploit,
explore strategy providing immediate accretion to TriStar's reserves,
production and cash flow per share as well as adding an additional year's
worth of conventional exploitation drilling opportunities to our inventory."

    CORPORATE OVERVIEW; 2007 GUIDANCE
    ---------------------------------

    With the completion of the acquisition, TriStar confirms that it is
revising upward the Company's 2007 average daily and exit rate production
estimates from management's previously announced guidance of 4,800 Boepd for
average 2007 production and 5,200 Boepd for 2007 exit production.
    TriStar now anticipates 2007 average daily production of more than 5,150
Boepd, comprised of greater than 75 percent high quality, long life, light
oil, with a 2007 production exit rate of more than 5,900 Boepd.

    
    TriStar has the following corporate characteristics:

    Long Life Reserves:      greater than19.6 Mmboe (P+P); RLI of over
                             10 years
    Production Guidance:     Average Rate 2007 (Est):
                             greater than5,150 Boepd (75% light oil)
                             Exit Rate 2007 (Est):
                             greater than5,900 Boepd (75% light oil)

    Excellent Balance Sheet: Net debt to cash flow of just over one times

    Bank line                $115 MM

    Shares Outstanding:      59.5 MM (B); 60.5 MM(FD)(1) (post equity
                             financing)

    Significant Upside:      greater than 325 locations
                             greater than 225,000 net acres of undeveloped
                             land

    (1) Only includes Performance Shares as the average option strike price
        is $6.91.
    

    In conjunction with the transaction, TriStar entered into a hedge of
250 barrels of oil per day at a fixed price of C$76.60 for the period April 1,
2007 through December 31, 2009 and a hedge of 250 barrels of oil per day at a
fixed price of C$78.20 for the period January 1, 2008 through December
31, 2009. In addition, TriStar has entered into a natural gas costless collar
hedge of 2,000 GJs per day with a floor price of C$7.50 AECO and a ceiling
price of C$10.32 AECO for the period November 1, 2007 to March 31, 2008.

    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 annual average and exit rate of production of oil and natural gas
for 2007, expected cash flow and planned exploration and development
activities.
    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, 2005, 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 Boe and Boepd

    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: 00023171E




For further information:

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

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TriStar Oil & Gas Ltd.

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