Petrostar Executes MOU with Maverick Synfuels for GTL Joint Venture
May 15 2014 - 12:22PM
Access Wire
Nanton, AB / ACCESSWIRE / May 15, 2014 /
Petrostar Petroleum
Corporation ("Petrostar" or "the Company") is very
pleased to announce the execution of a formal MOU (Memorandum of
Understanding) to form a Joint Venture entity between Petrostar and
Maverick Synfuels of North Carolina, USA.
The Joint Venture is to
facilitate the development and operation of GTL (gas-to-liquids
technology) in the Canadian Provinces of Alberta, British Columbia
and Saskatchewan.
The plants will utilise and
promote technology that converts a methane-rich feedstock into
high-quality methanol. Maverick Synfuels, formally known as
Maverick Biofuels, is proposed to commit exclusive licensing to
Western Canada with Petrostar committing various petroleum and
natural gas properties to the joint venture entity. The ownership
of the JV entity will be 60% Petrostar and 40% Maverick.
Petrostar CEO R. Mackenzie
Loree Stated: "We are very pleased with opportunity to co-develop
and operate a joint venture entity with the guys from Maverick.
This transaction will begin a new era for Petrostar and its
shareholders. We are looking forward to continuing the development
and optimization of our existing properties within our proposed
business arrangement."
About Maverick Synfuels
Maverick Synfuels is
headquartered in North Carolina and builds modular production
platforms based on unique combinations of thermochemical and
methanol synthesis technology. Maverick's modular plants can be
deployed in oil fields, dairy farms and landfills to convert
methane-rich waste gas, including associated gas, biogas and flare
gas, into high-value transportation fuels and specialty chemicals.
Maverick currently operates demonstration plants in Florida and
Colorado. For more information, visit
www.mavericksynfuels.com.
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
Sam Yenne, CEO
syenne@mavericksynfuels.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
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