SOURCE: Global Developments, Inc

December 07, 2006 02:31 ET

GLOBAL INVESTMENT UPDATE: PetroSun to Acquire Maverick Drilling Company

VANCOUVER, BC -- (MARKET WIRE) -- December 7, 2006 --

Vancouver, December 7, 2006 - Global Developments, Inc. (PINKSHEETS: GBDP), a publicly traded venture capital company, is pleased to provide the following update with respect to PetroSun Inc., an oil exploration company in which Global holds an equity stake.

PHOENIX, AZ---Dec 6, 2006 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the company has executed a Letter of Intent to acquire Maverick Drilling Company, Incorporated and Maverick Drilling Services, LLC. Financial terms of the transaction were not disclosed.

Maverick Drilling is an Austin, Texas-based drilling company with four land-based rigs which have serviced the Texas and Louisiana Gulf Coast as well as Central and East Texas for over three decades. Management will remain in place following the acquisition, including veteran driller Don Henrich, who will remain as President of Maverick Drilling.

Another energy veteran, Brad Simmons, heads Willis,Texas-based Maverick Drilling Services. Mr. Simmons will oversee deployment of drilling and associated energy services and anticipated rig fleet expansion throughout Maverick's domestic and overseas drilling operations. PetroSun had previously announced expansion into Australia through Icon Drilling that is based in Brisbane.

"The acquisition of Maverick Drilling and Maverick Drilling Services and their seasoned management teams is a tremendous addition for PetroSun and its future plans," said Rayfield Wright, President of PetroSun. "This is an excellent fit into the growing PetroSun family with Maverick's capabilities to deploy on-shore drilling rigs and expertise virtually anywhere in the world." The transactions are expected to close no later than the first quarter of 2007.

About PetroSun

PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2007. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae. The Company's cutting edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, creates long-term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona. For more information about PetroSun visit the company's website at

About Global Developments

Global Developments, Inc. is a publicly traded venture capital company. It was formed to create a unique investment vehicle representing a growing portfolio of innovative and emerging growth-oriented companies. Global acquires its portfolio companies either as wholly or partially owned subsidiaries, or as an investment where Global is the lead investor. As a result, Global maintains substantial management and operational control, thereby giving it the ability to provide significant oversight and guidance in building value and creating liquidity events for its shareholders. Global invests in companies with solid management, operational excellence, and the potential to grow substantial revenue streams.

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Forward-Looking Statements

You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Global Developments, Inc. please refer to its Web site at

         Global Developments, Inc.
         Leighton Dean
         (604) 685-7552


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