VANCOUVER, Oct. 12 /PRNewswire-FirstCall/ -- TrueStar Petroleum ("the Company") (TSX-V: TPC) today announced that it has formed a subsidiary, TrueStar Argentina Limited, to pursue opportunities in the oil and gas industry of Argentina and is in the process of completing registration of this subsidiary in Argentina.
"We started evaluating Argentina about a year ago and prepared a business plan following an evaluation trip last winter by a consultant," said Dr. Charles Kohlhaas, Chairman of the Board, Truestar Petroleum Corporation. "Developments in the country since then have verified our first impressions that Argentina is again open for business and welcomes foreign investment. During discussions I had with President Kirchner recently in New York City, he confirmed that Argentina is preparing an incentive package to encourage foreign investment in the energy sector."
TrueStar currently is evaluating strategies and several projects for acquisition and expansion in Argentina and is negotiating terms for financing these projects. These projects include development of discovered but undeveloped gas discoveries and secondary recovery applications to depleted oil fields. Argentina is installing infrastructure to complement these projects. TrueStar's corporate strategy to create value for shareholders is to acquire projects that can be put into production in the near term. A shortage of electricity domestically and gas to meet export contractual obligations puts a strong emphasis on developing the country's gas resources. "Argentina offers a range of opportunities appropriate for an aggressive growth program for a company of TrueStar's size and experience. The opportunities offer a range of size and leverage that will complement our domestic US and Guatemala programs very well", added Dr. Kohlhaas.
The Company will update these developments as matters progress.
Please follow link below to view photo of TrueStar Petroleum Chairman Dr. Charles Kolhaas meeting with Argentina's President Kirchner recently in New York City: http://files.newswire.ca/538/Charles_handshake.JPG
If you need a high resolution photograph, please contact Martti Kangas at The Equicom Group 416-815-0700 ext 243 or by email
About TrueStar
TrueStar Petroleum Corporation is an oil and gas exploration, development, and production company that specializes in targeting properties that are discovered, but not fully developed. Currently, TrueStar is focused on its growing position in the rich Barnett Shale gas play in Texas where the Company has interests in 33 producing gas wells and on its license for oil and gas exploration and production on 554,000 acres in Guatemala in an extension of Mexico's established Peten producing basin. The Company is well funded and working interest partners include publicly listed Devon Energy, Carrizo Oil & Gas, and EnCana. Additional information on TrueStar Petroleum Corporation is available at http://www.truestar-petroleum.com
ON BEHALF OF THE BOARD OF DIRECTORS
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Charles A. Kohlhaas
Chairman of the Board
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
