Macquarie Bank Limited Increases Interest in TrueStar Petroleum Corporation

Macquarie Bank Limited Increases Interest in TrueStar Petroleum Corporation

Macquarie Bank Limited (“Macquarie Bank”) has acquired ownership of additional rights to acquire common shares (“Common Shares”) in the capital of TrueStar Petroleum Corporation (the “Company”) that if exercised along with warrants previously acquired would result in it holding an aggregate of 22,934,475 Common Shares, or 20.8% of the Company on a partially diluted basis.

In a transaction closed on December 15, 2006, the Company’s wholly-owned subsidiary, TrueStar Barnett LLC (“TrueStar Barnett”) amended the terms of its existing US$50,000,000 Senior First Lien Secured Credit Agreement with Macquarie Bank resulting in a net increase of the number of Common Shares for which Macquarie Bank holds conversion rights. Previously held conversion rights to acquire ownership of 7,162,298 Common Shares were modified such that, if exercised, the conversion rights would result in Macquarie Bank holding 18,621,975 Common Shares. This increase represents approximately 10.4% of the Common Shares on a partially diluted basis after giving effect to the number of the Common Shares that would be issued and outstanding if Macquarie Bank exercised all its rights to acquire Common Shares. As part of the transaction, Macquarie Bank has also reconveyed a concurrent overriding royalty interest (“ORRI”) in a number of TrueStar Barnett’s wells in exchange for an after-payout net profits interest (“NPI”) in all of TrueStar Barnett’s current oil and gas interests.

In addition, warrants to acquire 1,437,500 common shares of the Company that Macquarie Bank previously acquired have been repriced from CAD$0.65/share to CAD$0.25/share.

Immediately after the transaction on 15 December 2006, Macquarie Bank owns 2,875,000 common shares and is deemed to own a further 20,059,475 common shares, aggregating 22,934,475 common shares and representing approximately 20.84% of the Company’s common shares on a partially diluted basis.

Macquarie Bank acquired the Company’s securities for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of the Company, including the Company’s common shares, through market transactions, private agreements, treasury issuances, exercise of options, convertible securities or otherwise.

For further information (or for a copy of the corresponding report required under applicable securities legislation) please see the contact information below.

Contacts: Macquarie Bank Limited Alex W. Doughty Vice President, Communications – North America

(212) 231-1710

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