SOURCE: PetroSun, Inc.

February 23, 2007 06:00 ET

PetroSun Corporate Update: Exploration and Production

PHOENIX, AZ -- (MARKET WIRE) -- February 23, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today the following updates of oil and gas exploration and production activities.

Muslow #1

The Muslow #1 will be perforated in the Rodessa formation within the next few days. Surface production equipment has been installed on the location in anticipation of oil production.

PetroSun holds a twenty-five percent working interest in the 2,961-acre Muslow tract.

EP 417, Canning Basin, Western Australia

PetroSun and New Standard Exploration NL met in Scottsdale, Arizona, and agreed to commence the Heritage Survey on EP 417. The PetroSun/New Standard Exploration Joint Venture will obtain permits to drill a minimum of two wells on the Lanagan Prospect during the period from May thru November of 2007.

PetroSun is the designated Manager/Operator of EP 417 and holds a seventy-five percent working interest in the 6,300 square kilometer (1.5 million acres plus) concession.

A prospect description may be viewed on the company website at

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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