April 15, 2009

Dear Shareholders,

Although there hasn't been an update since October, rest assured that we have been working diligently to bring the company back from our current cease trade status.

As I always mention, some of the statements I make here might include some forward looking comments.

There are some days when I feel that we're spinning our wheels here and going absolutely nowhere.  Then, as I reflect on our efforts, I realize that we have made considerable progress as we work to put TrueStar back together.

We are continuing our search for additional working capital.  This money will be used to pay some extremely critical past bills and get our financials finalized.  At this writing, we're anticipating an early summer time frame for this completed endeavor.

We have also had considerable activity in our litigation efforts.  We don't however comment on them.

The Bankruptcy efforts surrounding the TrueStar Barnett subsidiary continue to move forward as we tackle the claims that are being disputed.  This is a time consuming process as the US Court system is very methodical and the process for each claim must be followed.

Initially, we are taking care of the larger claims. As they're dismissed, we will be able to manage many of the smaller claims simultaneously, thus speeding up the process.

I was recently asked if filing for the protection was the right move for the company.  The answer to that was "yes".  Through the process, we have been able to pay the company's secured creditors 100% on the dollar and, depending on the overall costs to dismiss the 'bogus' claims, will have a distribution available for the unsecured creditors.  As I compare these results to many other oil and gas companies facing similar situations, it doesn't take much to see that the stars aligned to allowed us to pay people we owe.

In addition to our work to raise working capital, we've been looking for projects and project financing specific to our situation.  We are currently evaluating properties that have low risk potential.  Simultaneous to these search efforts we're working with investors who have similar goals.

Although we can't comment on specific projects we're evaluating, it is our current model to take a small, carried interest in the project.  It's not the fastest way to grow, but many of the nuances in the projects on our list will let us start rebuilding and give us a level of income to facilitate our base business needs as we start into our next period of growth.

On a corporate level, we've adjusted our Board and now have approximately twenty percent of our outstanding stock serving on the Board.  The additional skill sets these people bring to the Board are being seen already as we move forward.

As I've mentioned to the shareholders I've had contact with, things aren't as rosy as we'd like them to be.  However, the lights are still on and we still answer the phones.  We, as Management, are dedicated to rebuilding the company.

Even though we're not currently trading, we are continuing our efforts to build an organization dedicated to increasing shareholder value.

Dick Shuster.
Chairman & CEO