SOURCE: PetroSun, Inc.

August 05, 2008 12:38 ET

PetroSun Withdraws From Algae-to-JP8 Program

SCOTTSDALE, AZ--(Marketwire - August 5, 2008) - PetroSun, Inc. (PINKSHEETS: PSUD) announced today that the company has notified Science Applications International Corporation (SAIC) that it is withdrawing as a team member as it relates to the Defense Advanced Research Projects Agency (DARPA) BAA08-07 Biofuels-Cellulosic and Algae Feedstocks program.

"Although it was an honor to be selected as a team member with such an elite group of companies, PetroSun has chosen to go down a separate path in order to expedite the potential of algae being processed into a commercial jet fuel," stated Gordon LeBlanc, Jr., CEO of PetroSun, Inc. "The DARPA program has been stalled due to a protest that was filed on May 29th by a firm that was excluded from the DARPA decision. Our withdrawal was prompted by the uncertainty of the award process, combined with an opportunity to initiate a project with a renewable fuel refiner and a commercial jet fuel end-user. PetroSun's corporate position acknowledges a true sense of urgency to prove that algae-to-biofuels can become an immediate part of the solution for our nation's energy independence."

About PetroSun

PetroSun's operations include oil and gas exploration, development, production, oilfield tubular sales and algae-to-algal oil alternative biofuel production. The oil and gas division is focused on the exploration of the Holbrook Basin of Arizona, the San Juan Basin of New Mexico, Australian based prospects and the development of oil and gas reserves in Louisiana. PetroSun Oilfield, a wholly owned subsidiary, is engaged in the importing of tubing and casing from China for marketing and distribution within the US market. The alternative fuels division has entered the commercial stage of its algae-to-biofuels production technology. The Company plans to establish algae farms and algal oil extraction plants in Louisiana, Texas, Arizona, Mexico and Central America during 2008. The algal oil product will be marketed as feedstock to existing biodiesel refiners and planned company owned refineries. PetroSun is headquartered in Scottsdale, Arizona with field offices in Shreveport, Louisiana and Rio Hondo, Texas. For more information about PetroSun visit the company's website at www.petrosuninc.com.

Except historical matter contained herein, matters discussed in this news release are forward-looking statements and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties, which may affect the Company's business and prospects and cause actual results to differ materially from these forward-looking statements.

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