May 28, 2019


Dear Valued Business Partner:

White Star Petroleum has been actively working to address its capital structure for some time. To help establish a sustainable capital structure and position the Company for success in a rapidly changing business environment, we have made the decision to voluntarily file petitions for relief under Chapter 11 of the United States Bankruptcy Code. We took this difficult and necessary action following a comprehensive review of alternatives to strengthen White Star Petroleum’s financial position. We believe this will provide an orderly path to restructuring the Company and its assets and represents the best possible outcome for our stakeholders, including you, our valued business partner. A $28.5 million Debtor-in-Possession financing facility (DIP) provided by our existing lender group will provide the required liquidity to complete the Chapter 11 process. $15 million of this $28.5 million will be immediately available, with the remainder becoming available after additional approval from the court.

As we move through this process, White Star Petroleum will continue normal business operations. For our suppliers, this means that we intend to pay for all goods and services received on or after the filing date of May 28, 2019 under normal terms.

We intend to move through this process as quickly as possible. We will continue to engage in constructive discussions with our stakeholders regarding the terms of a consensual financial restructuring plan.

We value the partnership we have developed with your company and plan to work closely with you throughout this process. If you have further questions about the restructuring, please do not hesitate to reach out to your usual contact at White Star Petroleum. Additional information is also available on our corporate website and at a website maintained by the Company’s claims agent at http://www.kccllc.net/whitestar

Thank you for your continued support.

Sincerely,

Elliot J. Chambers
Chief Executive Officer