December 14, 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 to February 29, 2008.

The Class B warrants have an exercise price of $0.25 and were to expire on August 20, 2007.
Pursuant to prior exemptions granted, the expiry of the Class B Warrants was extended to September 28, and again to December 31, 2007.

The warrants have been halted since July 31st, 2007.  Olympia Trust Company has been appointed as the Transfer Agent and Registrar, and the warrants will resume trading on Monday, December 17, 2007 with a new symbol and cusip.

Effective Date:  Monday December 17, 2007
Symbol:  CALS.W 
Cusip:  13135U 11 2
New Expiry: February 29, 2008

 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: [email protected]