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Delayed Filing of Annual Financial
Statement
TrueStar Petroleum Corporation ("TrueStar"
or the "Company") announces the filing of its audited annual financial
statements for the year ending December 31, 2007 and the accompanying
Management Discussion and Analysis will be delayed. As a result of the delay,
TrueStar has requested and received notice from the British Columbia Securities
Commission of a management cease trade order. The Company’s insiders are
restricted from trading the Company’s shares while in default, but all
other investors remain unaffected.
The filing delay is attributable to a
combination of factors and the auditors have found the time allotted to
complete the audit insufficient in light of the chapter 11 bankruptcy
proceedings of one of the Company’s Texas registered subsidiaries.
TrueStar expects that the Statements will be
filed well within 60 days of the original filing date and in any case no later
than June 29, 2008. If the required year end Financial Statements have not been
filed by June 29, 2008, the commissions may impose an issuer cease trade order.
An issuer cease trade order may be imposed sooner if the Company fails to file
its bi-weekly Default Status Reports on time.
The Company intends to satisfy the
provisions of Appendix B to NI 57-301 and file bi-weekly Default Status
Reports, while it remains in default.
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:
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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 VP
Administration
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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