SOURCE: PetroSun, Incorporated

September 19, 2006 12:01 ET

PetroSun and Holbrook Energy to Drill Arizona Prospects

PHOENIX, AZ -- (MARKET WIRE) -- September 19, 2006 --PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the company has entered into a Participation Agreement with Holbrook Energy, LLC to drill three prospects located in Apache County, Arizona. The prospects contain 34,628 acres within the Holbrook Basin that was recently acquired by PetroSun from NZ Oil and Gas, LLC. PetroSun will operate the properties and maintain a fifty percent working interest position.

The Holbrook Basin is located in east-central Arizona and contains Paleozoic rocks including sabkha deposits of Permian age. The sabkha deposits consist primarily of fine-grained red beds that are locally interbedded with limestone, anhydrite and salt. The Holbrook Basin sabkha deposits are similar in age and characteristics to the deposits found in the Permian Basin of West Texas.

The Holbrook Basin has produced commercial quantities of helium, contains a large discovery of carbon dioxide and has recorded numerous shows of oil and gas in exploration wells. The southern edge of the basin also contains seeps and outcrops of petroliferous rocks. The drilling depths in the basin range from 1,000 feet to 6,000 feet.

PetroSun will drill the initial wells to basement, approximately 4,600 feet, to test all of the formations for commercial quantities of oil, natural gas and helium. The commencement date of operations has been scheduled for November 2006.

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 2006. 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.petrosun.us.

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

  • Contact:
    PetroSun, Inc.
    Investor Relations
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    (602)-487-6486