SOURCE: Global Developments, Inc

January 11, 2007 18:33 ET

GLOBAL INVESTMENT UPDATE: PetroSun Executes Canning Basin Agreement

VANCOUVER, BC -- (MARKET WIRE) -- January 11, 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 11, 2007 -- PetroSun, Incorporated (Other OTC:PSUD.PK - News) announced today that an agreement has been executed with New Standard Exploration NL of West Perth, Australia covering Exploration Permit 417 located within the Canning Basin of Western Australia. PetroSun and New Standard will form a joint venture to explore, develop and produce oil and/or gas from EP417. PetroSun is the designated Manager/Operator and will be assigned a 75% working interest in the permit for the initial consideration of A$5,000,000 through PetroSun's sole funding of exploration, permit development and drilling.

The initial test well is scheduled to be drilled on the Lanagan Prospect prior to June 30, 2007 to a maximum depth of 2,500 meters. The Lanagan Prospect is a seismic generated prospect covering 10,000 acres with potential recoverable crude oil in excess of 50 million barrels.

The Spinifex and Lawford Prospects are also seismic generated prospects located within EP417. The Spinifex Prospect covers 20,000 acres with potential recoverable crude oil volumes exceeding 100 million barrels. The 40,000-acre Lawford Prospect is also graded at 100 million barrels of potential recoverable crude oil.

The EP417 contains 6,300 square kilometers (approximately 1.5 million acres) within the permit boundaries. PetroSun will be posting information on EP417 on its website at www.petrosuninc.com under Prospects & Projects.

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.

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Contact Information

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    Leighton Dean
    (604) 685-7552
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