May 27, 2008

Operations Update

TrueStar Petroleum Corporation ("TrueStar" or the "Company") announces that the sale of the major portion of the assets of TrueStar Barnett, LLC to Global Energy Partners L.P. was approved pursuant to the rules and regulations of the United States Bankruptcy Court. The sales price of $17.8 million (US) reflects an adjustment for the withdrawal of two wells that were removed from the sale pending a lease assignment resolution. Closing is scheduled to be on or before May 30, 2008. Proceeds of the sale will be used to immediately pay the secured creditors. The remaining monies will be escrowed pending a determination of the parties respective rights in the funds by the Bankruptcy Court.

BGC Consultants Ltd, through the British Columbia courts, issued the Company notice of seizure for the gold properties. "Although we acknowledge BGC Consultants Ltd. has a judgement against the Company, it is somewhat disheartening to have received this. They are the only major creditor we have who have not shown us any compassion as we are turning the financial corner," stated TrueStar CEO & Chairman, Dick Shuster.

The Company has also signed a Memorandum of Understanding (MOU) with Zhong Yuan Ltd. of Xinjiang Province, China. The MOU provides the structure for partnering with Zhong Yuan Ltd. for the purpose of Coal Bed Methane (CBM) and Coal Mine Methane (CMM) operations and exclusive access to this initial block and other proposed blocks in the area. The MOU also establishes the framework for TrueStar and Zhong Yuan Ltd. to work in concert to receive all necessary regulatory approvals required for the implementation of CBM and CMM projects in Xinjiang Province. The execution of this MOU firmly establishes TrueStar's strategic entry into the Chinese energy market as it relates to CBM, CMM, electric power generation and associated vertical markets.

Zhong Yuan Ltd.'s core business is related to the provision of electricity to the central power grid in Xinjiang Province and it holds interests in over 2,800 sq/km of coal rich acreage in the prolific Zhungaar and Tuha Basins.

Following final Board approval, funding for this project will be obtained through the previously announced agreement between TrueStar Petroleum Corporation and China Carbon Corporation.

"Although it is bittersweet to divest the Barnett assets of TrueStar Barnett, the opportunities we now have, to move forward in Guatemala and China should start the re-creation of an asset base available to drive shareholder value up," stated Shuster.

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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ON BEHALF OF THE BOARD OF DIRECTORS

"Dick Shuster"
      Dick Shuster
      Chairman & CEO