Petrostar Receives Development Permit - 19 Action News|Cleveland, OH|News, Weather, Sports

Petrostar Receives Development Permit

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Nanton, AB / ACCESSWIRE / July 9, 2014 / Petrostar Petroleum Corporation (“Petrostar” or “the Company”) is very pleased to announce that the Municipal District of Foothills has approved and granted the Development Permit required to operate the company’s leased tank farm and research facility.

The Council recently approved Development Permit 14D 037 for the utilization of the recently-improved facility to allow for the operation of a gas-to-liquids modular plant and a fluid terminaling facility. The approval sets requirements and conditions for the final development and continual operation of the site.

The company intends to comply with all conditions attached to the granting of the permit. Additionally, the company will be required to maintain a business license with the M.D. of Foothills to be renewed on a yearly basis.

This is a major milestone reached for the company and puts Petrostar on track towards achieving its goal of positive cash flow within Q3 of this year.

R. Mackenzie Loree, Petrostar Petroleum’s CEO stated:

“The Company is very pleased to receive permitting approvals from the Municipal District of Foothills. We expect Petrostar to benefit from the district’s many positive resources such as well-maintained infrastructures, existing oil & natural gas production, a progressive governing body and an abundance of local talent to fill important positions amongst our operations team.

With permitting in hand, Petrostar is in a prime position to move forward with not only one, but two primary projects for the company.”

Tank Farm Installations and Operations Update

LOMAC Canada Ltd (A Petrostar Petroleum Corp Subsidiary) will be completing the final Tank Farm preparation steps for terminaling operations. The company is currently in negotiations with a supply partner for a long term, custom terminaling contract. The facility greatly benefits from an excellent location on highway 2A, close to Highway 2 within immediate proximity to an active rail line.

Modular Gas-To-Liquids Plant Update

Maverick Northstar Inc is moving forward with the planned R&D GTL Facility to test the longevity and economic feasibility of its Modular Gas-to-Liquids catalysts. Preparation for the site will begin immediately along with the remainder of the necessary approvals and due diligence in order to initiate the construction and commissioning of the facility.

“Petrostar will officially be calling the facility its new corporate Headquarters. The site is equipped with furnished offices and reception area with an ample amount of space ready to accommodate both short and long term growth.”

About Petrostar Petroleum Corp.

Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading on the TSX Venture Exchange with property assets in both Alberta and Saskatchewan.

For further information, please contact:

Bruce Scafe, IR and Communications Officer

1-877-737-8864 or bscafe@petrostarpetroleum.com

Alternate Contact.

Mackenzie Loree, CEO

1-403-861-6779 or mloree@petrostarpetroleum.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING INFORMATION

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company’s beliefs, plans, expectations, anticipations, estimates and intentions. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from a conclusion, forecast or projection in such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.

When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR TIME.

 

SOURCE: Petrostar Petroleum Corporation 

ReleaseID: 417655

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