TrueStar Barnett LLC Operational Update



    TSX - Venture: TPC

    VANCOUVER, Aug. 20 /CNW/ - TrueStar Petroleum Corporation announces that
they have been advised that the Macquarie Bank has begun foreclosure
proceedings against one of TrueStar Petroleum Corporation's Texas registered
subsidiaries (TrueStar Barnett LLC) and in response to that proceeding
TrueStar Petroleum Corporation is in the process of taking the necessary steps
required to protect its assets, shareholders, and creditors.
    "With the value of our properties greater than the monies due to the
Macquarie Bank, we are in a position to consider a number of options to cure
this issue," stated TrueStar Petroleum Corporation Chairman & CEO
Dick Shuster. "The default under the loan agreement arose as the development
terms in the loan agreement executed in December 2006 did not match the actual
level of development completed by TrueStar Barnett LLC in 2007. Further, we
speculate, that turmoil in the credit market is also a contributor to the
action."
    The Board of Directors is currently reviewing all options and will issue
a further news release disclosing the action that will be taken to cure the
default in due course.

    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

    "Dick Shuster"
    ---------------------
    Dick Shuster
    Chairman 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:
(303) 893-2100 (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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