January 28, 2008

TrueStar Operations Update

TrueStar Petroleum announces the following updates and amendments to our current operations.

Our January 3, 2008 press release stated that the involuntary bankruptcy petition against TrueStar Petroleum Corporation was "invalid," but the Company regrets the choice of the word " invalid " and simply meant to inform everyone that all of the parties agreed to the dismissal as part of a more comprehensive agreement.

TrueStar Petroleum Corporation and Petron Resources, LP (Petron), an independent, Texas based, oil and gas exploration company, have mutually agreed to terminate the agreement announced in April 2007.  Although TrueStar remains optimistic that the 90% portion of the license will be reassigned, the structure of the TrueStar/Petron agreement no longer fits either company's immediate goals.  TrueStar is currently working with potential partners, including Petron, to construct a more workable agreement for all.

TrueStar Barnett, LLC, currently under the protection of the US Federal Bankruptcy Court, has entered into an agreement with Meagher Oil & Gas Properties Inc. to broker the sale of the properties in the East Newark Field in Texas.  The agreement also has provisions that will allow for the refinancing of the properties.  "By keeping both options open, the Company is able to explore all available avenues," says Dick Shuster, "which should allow TrueStar Barnett to come out of the Bankruptcy protection while paying off all creditors."

In other corporate news, TrueStar Petroleum Corporation has entered into negotiations for the disposition of some of its gold assets in California.  Information will be released as it becomes available.

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

"Dick Shuster"
      Dick Shuster
      Chairman & CEO