SOURCE: PetroSun, Inc.

January 05, 2007 14:36 ET

PetroSun Corporate Updates

PHOENIX, AZ -- (MARKET WIRE) -- January 5, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today the following updates of Company activities.

Pinta Dome Project, Apache County, Arizona

The Pinta Dome Field test well has been rescheduled for the first quarter of 2007. The project was described in a press release dated June 15, 2006. Maverick Drilling will be engaged as the drilling contractor for the project.

PetroSun holds a 70% working interest position in the project. Holbrook Energy (25%) and Apollo Resources (5%) are the other working interest owners.

Holbrook Basin, Apache County, Arizona

The oil and gas exploration program originally described in a press release dated September 19, 2006 under a joint venture with Holbrook Energy has been rescheduled for the second quarter of 2007 due to rig availability. The joint venture will engage Maverick Drilling as the drilling contractor for the project. PetroSun maintains a 50% working interest in the program.

It should be noted that Finley Resources of Dallas, Texas set pipe on an oil and gas test well on an adjacent structure in the Holbrook Basin during the last quarter of 2006. Finley has reported that completion and testing operations will commence in the first quarter of 2007.

Muslow #1

Due to the recent heavy rains in North Louisiana, the scheduled drilling rig move-in and spudding of the Muslow #1 has been delayed. Wilcox Operating advised PetroSun that based on present field conditions, the drilling rig should be on location this weekend and drilling operations should commence by January 8, 2007. PetroSun will provide daily reports on our website at

Maverick Drilling

The acquisition of Maverick Drilling is progressing through the due diligence and financing phases as scheduled.

Icon Drilling

The Company, in collaboration with Icon Energy and Maverick Drilling management, is exploring multiple new rig construction and refurbished rig acquisitions for the Australian market to complement the Gallagher Engineering relationship.

Brighton Oil Joint Venture

PetroSun has formally terminated the joint venture relationship with Brighton Oil as described in its September 25, 2006 press release and intends to either develop the prospects identified across the 951,230 acres internally or through joint ventures with other industry partners.

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.

Contact Information

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