TrueStar - Williston Basin - Argentina



    TSX - Venture:   TPC

    VANCOUVER, June 13 /CNW/ - TrueStar Petroleum Corporation (the "Company")
(TSX-V: TPC) today announced that its Board of Directors decided not to
proceed with its proposed acquisition of the Williston Basin oil & gas leases
located in the southwestern portion of the Williston Basin in northwestern
South Dakota.
    After extensive review and due diligence the Company concluded this large
acreage block did not conform to the current objectives and development of the
Company, and did not represent the best use of the Company's resources. The
Company will focus on negotiating on specific acreage in the Williston Basin
that is of direct interest to the Company. The 22 million shares issued as the
deposit for the acquisition will be returned to the treasury of the Company.
    The Board of Directors has also concluded that the Company will not
proceed with its earlier announced objective of pursuing opportunities in the
oil & gas industry in Argentina.
    While the Company is still reviewing many opportunities the Board of
Directors is of the view it should, at this time, focus on consolidating and
developing its assets in the Barnett Shale in Texas and its interests in
Guatemala.
    "Our decision to withdraw our participation in these areas was not based
on their respective potential, but rather our need to focus our resources on
projects we assess will have higher value for TrueStar," stated TrueStar
President and CEO Dick Shuster. "We sincerely appreciate the efforts from the
individuals who worked on these projects, especially those who helped
establish our Argentina office."

    About TrueStar

    TrueStar Petroleum Corporation is an oil and gas exploration,
development, and production company. TrueStar has interests in 34 producing
gas wells in the Barnett Shale gas play in Texas and a 10% interest in a
license for oil and gas development on 554,000 acres in Guatemala, and is
waiting the reassignment of the remaining 90% interest in the 554,000 acre
License. Working interest partners in Texas include publicly listed Devon
Energy (NYSE:   DVN), Carrizo Oil & Gas (Nasdaq NM: CRZO), and EnCana (NYSE:  
ECA). Additional information on TrueStar Petroleum Corporation is available at
http://www.truestar-petroleum.com.


    ON BEHALF OF THE BOARD OF DIRECTORS

    "Richard Shuster"
    -----------------

    Richard Shuster
    President and CEO

    
     The TSX Venture Exchange Inc. has not reviewed and does not accept
        responsibility for the adequacy and accuracy of this release.
    





For further information:

For further information: TrueStar Petroleum Corporation, Dick Shuster,
President and CEO, 410 17th Street - Suite No. 310, Denver, Colorado, 80202,
(604) 669-6952 (O), (303) 893-2101 (F), dshuster@truestar-petroleum.com;
Canada Office, (604) 669-6952 (O), (604) 669-6331 (F), Cindy Newton,
Secretary, info@truestar-petroleum.com

Organization Profile

TRUESTAR PETROLEUM CORPORATION

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