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Involuntary Bankruptcy
Dismissed
TrueStar Petroleum Corporation announces
today that the involuntary bankruptcy petition filed against the Company in
Texas by Optima Services International Ltd., has been dismissed. TrueStar has
been advised that the Order Granting Motion for Dismissal was signed and
entered yesterday in the state of Texas.
This dismissal only pertains to the
involuntary action filed against TrueStar Petroleum Corporation. The
subsidiary, TrueStar Barnett LLC, remains under the protection of the courts as
we work out the solution to pay all of the creditors.
"Having the invalid filing dismissed took
longer than anticipated, but in putting the involuntary action behind us, we
can now focus on improving shareholder value," says Dick Shuster, CEO and
Chair. 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 For
further information:
TrueStar Petroleum Corporation
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Dick Shuster,
(303) 893-2100 (O)
(303) 893-2101 (F)
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dshuster@truestar-petroleum.com
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Canada Office
(604)
669-6952 (O)
(604) 669-6331 (F)
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Cindy Newton,
Secretary
info@truestar-petroleum.com
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ON BEHALF OF THE BOARD OF
DIRECTORS
"Dick Shuster"
Dick
Shuster
Chairman & CEO
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