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 http://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

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