April 14, 2008

Operational Update - Supplemental

TrueStar Petroleum announces the execution of a contract with China Carbon Corporation Incorporated.

The objective of the contract is to allow TrueStar and China Carbon Corporation to cooperate in sourcing financing and in the growth of projects which will be developed and registered as Clean Development Mechanism projects and deliver Certified Emission Reductions.  In addition to the standard revenues generated for every Tcf of gas produced for the pipeline and/or converted to electricity and supplied to the grid, there is the potential to broker carbon credits and carbon credit derivatives on the open carbon credit market.

"To be associated with an organization like China Carbon Corporation and to commence efforts to solidify our prospective projects in China is yet another step in the ‘re-genesis’ of TrueStar", stated TrueStar Chairman and CEO Dick Shuster.  "It is a major stride forward in our efforts to increase shareholder value while fulfilling our mission of becoming a strategically profitable, safe and environmentally conscious organization."

TrueStar has requested a Management Cease Trade Order (Extension) for the filing of our audited 2007 financials.  A set of mitigating circumstances, centering primarily around the Chapter 11 Bankruptcy filing of the TrueStar Barnett subsidiary is the reason.  "We felt that performing the audit correctly rather than quickly was paramount at this stage of our growth" stated Shuster.

Work continues to have the Guatemalan license reassigned.  Currently the company is discussing the project with a number of interested parties who have passed our initial level of scrutiny.  It is hoped to have a partner selected in the near future so efforts to develop this project can be realized.

The sale of the Barnett Shale properties is under the timing restrictions of the US Bankruptcy Court in Dallas.  An initial offer of $20.1 million US has been registered with the Court.  A subsequent hearing will allow previously qualified bidders to raise that price.  A release on the results of that hearing will be made upon formal acknowledgement by the Court.

The Company also announces the acceptance of the resignation of Board member Russell Cohen.  Leaving to devote more time to his own growing business, his experience and perspective were appreciated and will be missed.

This announcement is being re-issued as the first release contained administrative circulation deficiencies.

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   

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TrueStar Petroleum Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

"Dick Shuster"
      Dick Shuster
      Chairman & CEO