Vulcan County Postpones Rezoning Application
April 17 2014 - 12:18PM
Access Wire
Nanton, AB / ACCESSWIRE / April 17, 2014 / Petrostar
Petroleum Corporation ("Petrostar" or "the Company")
announces that on April 16, 2014 the Vulcan County, Alberta
municipal council postponed the Company's revised rezoning
application for its Tank Farm and Modular Refinery development
until such time as the Company completes an Environmental Impact
Assessment on the proposed development. Petrostar's CEO, Mackenzie
Loree, attended the meeting and represented the Company.
Mr. Loree stated: "I am truly and thoroughly disappointed with
the County's decision to request an EIA based on one specific
property that covers only 2.5 acres of the 80 acres of land
(3.125%) that was slated for rezoning. The Company was prepared to
complete an EIA in connection with the submission of the licence
application regarding the Modular Refinery to the Alberta
government. This, among other studies, was scheduled to occur
following the successful completion of the land rezoning. If
Petrostar was willing to comply with the County's request it would
need to pay up to $1.5 million to conduct studies on lands that it
does not currently have the right to develop. In addition, other
key projects vital to the Company's future and success would need
to be postponed due to rezoning delay. Petrostar has devoted a
significant amount of time and money to this project and cannot
afford to remain idle for another several months pending receipt of
approval for a basic land rezoning."
"I am still a supporter of many of the people who reside in
Vulcan County and am deeply saddened that Petrostar will not be
continuing on with its proposed development. The Company has
decided to seek other opportunities and locations in which to
invest."
"In the meantime, investors should expect to see a steady stream
of news releases, CEO addresses and progression as Petrostar is not
prepared to lie down and give up the fight to succeed. The Company
welcomes any comments that investors may have, either on this
matter or otherwise, and appreciates the continued loyalty of its
shareholders."
About Petrostar Petroleum Corp.
Petrostar is a Tier 2 Canadian-based oil and gas exploration
company trading on the TSX Venture Exchange with property assets in
both Alberta and Saskatchewan.
For further information, please contact:
Bruce Scafe, IR and Communications Officer
1-877-737-8864 or bscafe@petrostarpetroleum.com
Alternate Contact:
Mackenzie Loree, CEO
1-403-861-6779 or mloree@petrostarpetroleum.com
Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
Certain information in this news release is forward-looking
within the meaning of certain securities laws, and is subject to
important risks, uncertainties and assumptions. This
forward-looking information includes, among other things,
information with respect to the Company's beliefs, plans,
expectations, anticipations, estimates and intentions. The words
"may", "could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and
similar words and expressions are used to identify forward-looking
information. The forward-looking information in this news release
describes the Company's expectations as of the date of this news
release. The results or events anticipated or predicted in such
forward-looking information may differ materially from actual
results or events. Material factors which could cause actual
results or events to differ materially from a conclusion, forecast
or projection in such forward-looking information include, among
others, risks arising from general economic conditions and adverse
industry events.
When relying on forward-looking information to make decisions,
investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. The Company
has assumed that the material factors referred to in the previous
paragraph will not cause such forward-looking information to differ
materially from actual results or events. However, the list of
these factors is not exhaustive and is subject to change and there
can be no assurance that such assumptions will reflect the actual
outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR TIME.
SOURCE: Petrostar Petroleum
Corporation
Petrostar Petroleum Corporation (TSXV:PEP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Petrostar Petroleum Corporation (TSXV:PEP)
Historical Stock Chart
From Jul 2023 to Jul 2024