ASX Codes: BSP, BSPO

ASX Release

9th May 2014

BLACK STAR PETROLEUM Level 1

330 Churchill Avenue, Subiaco

Western Australia 6008

Tel: +61 8 9200 4493

Fax: +61 8 9200 4469

Contact Matthew Wood Executive Chairman

E-mail info@blackstarpetroleum.com.au
For the latest news www.blackstarpetroleum.com.au

Directors / Officers Matthew Wood - Executive Chairman Greg Wood - Chief Executive Officer Brian McMaster - Executive Director Tony Polglase - Non Executive Director

Issued Capital

114.1 million shares

95.3 million listed options

ASX Codes: BSP, BSPO

Final Payment for Lease Interest Made

- Land Tenure Secured

Black Star Petroleum Limited (BSP) is very pleased to announce that it has made a final capital payment thereby securing its rights to a lease position covering approximately 10,000 acres including the existing two wells, Smith 43-12 and QCWR 34-3 in Banner County, south western Nebraska.
BSP now has secure tenure to a substantial and significant land hold- ing in the oil prolific Niobrara and Codell formations. BSP has previously confirmed the potential for a major oil discovery in the area of its lease holdings.
BSP's lease interests are depicted in the diagram below as the area shaded yellow inside the red boundary and the existing wells are also identified.

01 / 02

ASX Codes: BSP, BSPO

BSP is planning to complete a third well on its leases further exploring the Niobrara and Codell formations. It is planned that this further well will include a full core test which will be used to plan a fracture stimula- tion and commercialisation programme for the three wells.
The third well is currently permitted and is expected to commence in the
3rd quarter of 2014 assuming the successful conclusion of future fund raising activities.
Funding for planned development programmes is currently being nego- tiated and BSP will update the market in due course as those discussions conclude.

ABouT BLACk STAR

Black Star is focused on developing its interest in the Niobrara and Codell formations into production. Black Star has a 73.07% work- ing interest in approximately 10,000 acres in Banner County, Ne- braska uSA under a Joint Venture with Bayswater Exploration. The Nebraska oil Project represents outstanding potential for growth through both vertical and horizontal fracture stimulated wells.

Greg Wood

Chief Executive officer

BLACk STAR PETRoLEuM LIMITED

02 / 02

distributed by