July 12, 2007

The Class B purchase warrants issued in conjunction with a Private Placement of Calstar Oil & Gas (previously Aspire Capital) were listed on September 19, 2006. The Company has been granted an exemption to extend the term of the warrants.

The Class B warrants have an exercise price of $0.25 and were to expire on August 20, 2007.
Pursuant to the exemption, the Class B Warrants will expire on September 28, 2007.

Each warrant is exercisable into one common share. The warrants contain standard anti-dilution provisions.  Listing and disclosure documents for Calstar are available in the CNQ Issuer Disclosure Hall

If you have any questions or require further information please contact Radhika Joseph at (416) 572-2000 X 2435 or E-mail: radhika.joseph@cnq.ca