SOURCE: Global Developments, Inc

February 01, 2007 09:14 ET

GLOBAL INVESTMENT UPDATE: PetroSun Corporate Update: EP 417

VANCOUVER, UK -- (MARKET WIRE) -- February 1, 2007 --



Vancouver, February 1, 2007 - Global Developments, Inc. (PINKSHEETS: GDVM), 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--(MARKET WIRE)--Jan 31, 2007 -- PetroSun, Incorporated (Other OTC:PSUD.PK - News) announced today that the Western Australia Department of Industry and Resources has lodged the registration of the Exploration Permit 417 farm-in agreement executed by New Standard Exploration NL and PetroSun. The Dealing and file reference number is 31/06-7.

PetroSun is the designated Manager/Operator of EP 417 and will cause a well to be drilled on the Lanagan Prospect prior to June 30, 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 http://www.petrosuninc.com.

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.

Please visit http://www.globaldevelopmentsinc.com for more information.

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 http://www.globaldevelopmentsinc.com.

Contact:
         Global Developments, Inc.
         Leighton Dean
         (604) 685-7552
         ldean@globaldevelopmentsinc.com

Source: GLOBAL DEVELOPMENTS, INC.





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