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Gold/Mining/Energy : PETROSTAR
PEP 142.24-0.9%Jan 2 3:59 PM EST
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From: james flannigan4/8/2011 7:25:14 AM
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I sent a letter 3 days ago to Petrostar.
I was trying to stay upbeat in the funding from CCMB,but had serious doubts about it.CCMB was dragging thier feet.In a recent post on this board I offered a possilble path to advance our Bakken property.I now think the way is clear to fund a few holes ourselves(my gut tells me this should be our project until we make a discovery).But the Bakken has lots of hot money around so finding a serious partner should be no problem.My only hope is if PEP lands another deal they put a very limited time frame of no more than 30 days on it.

I did receive a public reply to my letter as we all did with the latest NR.

This was my letter to Bruce:

Date: Wed, 06 Apr 2011 12:23:11 -0400
To: bscafe@shaw.ca
Subject: Funding
From: jflannigan@cogeco.ca


CC:

Hi Bruce

I have been a shareholder of PEP for a number of months.I must say I have serious
doubts as to the funding by CCMB.I
hope they are serious.But after this long wait I think its time to update
shareholders on the status of the funding.

If CCMB is not ready to make the investment then its time for us to take back the
agenda and find other solutions to
fund our project.

We have waited long enough.I hope they will come threw soon,but if not we need a new
plan.The shares are depressed and
its time to address this situation.

We are in a rising oil price and the shares do not reflect our value.We need action
now.

Have a good day.

Please reply when you can.

James Flannigan
Flannigan Properties Ltd

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