VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/18/12 -- WellStar Energy Corp. (TSX VENTURE: WSE.H)(FRANKFURT: W6V1) (the "Company" or "WellStar"), is pleased to announce the appointment of Mr. Russel Murray as a director to its board of directors. Mr. Murray is the Founder and Managing Partner of the Law Offices of O. Russel Murray, PC in Denver, Colorado from 1989 to present. He has been transaction counsel for acquisitions, divestitures, and project development (oil & gas, commercial real estate, business operations) totaling over $1 billion and trial counsel in complex business litigation in over 35 states and 5 foreign countries. Mr. Murray is an Adjunct Professor (negotiation and dispute resolution classes), University of Denver, Sturm Law School. Mr. Murray obtained a BS (business/accounting), 1973: University of Colorado, Boulder, a JD cum laude, 1976: Southwestern University Law School, Los Angeles and a LLM (trade regulation), 1977: Northwestern University School of Law, Chicago as a Raymond Fellowship Recipient.
In addition, in order to raise additional working capital, the Company announces it proposes to raise up to $400,000 by way of a private placement financing of up to 2,666,667 common shares at a price of $0.15 per share. The net proceeds from the financing will be used for general working capital purposes. All securities issued in connection with the financing will be subject to a four month and a day statutory hold period, in accordance with applicable securities legislation. Finder's fees may be payable in connection with the proposed private placement financing. Closing of the financing is subject to TSXV approval.
ON BEHALF OF THE BOARD
Andrew H. Rees, President and Chief Executive Officer
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
WellStar Energy Corp.
Andrew H. Rees
President and Chief Executive Officer
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