SOURCE: PetroSun, Inc.

January 31, 2007 13:11 ET

PetroSun Corporate Update: EP 417

PHOENIX, AZ -- (MARKET WIRE) -- January 31, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) 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

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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