SOURCE: PetroSun, Inc.

January 08, 2007 13:47 ET

PetroSun Acquires 1031 Energy

PHOENIX, AZ -- (MARKET WIRE) -- January 8, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the company has completed the acquisition of all of the member units of 1031 Energy, LLC of Denver, Colorado. 1031 Energy specializes in placing 1031 tax deferred real estate investors into producing oil and gas properties. The members of 1031 Energy received 150,000 shares of PetroSun restricted common stock as consideration for this transaction.

"The acquisition of 1031 Energy provides PetroSun with the ability to add quality proven undeveloped oil and gas reserves and enhance the oilfield services operations of the Company," said Gordon LeBlanc, Jr., Chairman and CEO of PetroSun. "Dana Veitch, Steve Hickox and Chris Sayre, the principals of 1031 Energy, will also add veteran industry professionals to the PetroSun team."

The President of 1031 Energy is Dana Veitch. Mr. Veitch has participated in oil and gas M&A activities since 1979 with major and independent energy companies including ARCO, Phillips Petroleum (now ConocoPhillips), Chevron USA and Anadarko. He is a graduate of Western State College in Gunnison, Colorado in 1978.

Steve Hickox, Vice President of 1031 Energy, has actively practiced law since 1981 and is licensed in Colorado. Mr. Hickox's specialties include real estate, lending and tax law. In 1994 he established 1031x.com. The company now has a twelve-year track record of successful growth with exchange transactions in excess of one hundred million dollars.

Mr. Sayre, a co-founder of 1031x and 1031 Energy, is in charge of marketing and finance. Mr. Sayre is a graduate of the University of Colorado with a degree in Geology. He later received an MBA in Business Administration specializing in finance from the University of Denver.

1031 Energy will maintain its headquarters in Denver, Colorado as a PetroSun district office. The website for 1031 Energy is located at www.1031energy.com.

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 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.

Contact Information

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    PetroSun, Inc.
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    (602) 487-6486