SOURCE: PetroSun

August 21, 2006 12:23 ET

PetroSun Drilling, Inc. Announces Name Change

Change Reflects Company's Expanding Role in the Development of Alternative Fuel Resources

PHOENIX, AZ -- (MARKET WIRE) -- August 21, 2006 -- PetroSun Drilling, Incorporated (PINKSHEETS: PSUD) is pleased to announce today that it has changed its corporate name to PetroSun. The name change reflects the Company's expanding initiative to become a global leader in the development, production and distribution of both traditional and renewable energy resources. Effective immediately, all future business activity will be undertaken with the new name.

"The name change to PetroSun reflects our diversification and long term positioning. Our commitment to providing oilfield services is as strong as ever; we are aggressively pursuing exploration and production opportunities with several industry partners at this time," said L. Rayfield Wright, President of PetroSun. "But the increased, worldwide demand for more cost efficient, cleaner burning fuel cannot be ignored. Through our wholly owned subsidiary, PetroSun Biofuels (formerly Algae BioFuels) and our recent partnership with Electratherm, we are introducing to the marketplace two highly efficient, cost effective and eco-friendly, alternatives to traditional fossil fuels. As oil prices continue to climb and alternative resources become more readily available, PetroSun will be uniquely positioned to take advantage of both short and long term industry trends."

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. PetroSun BioFuels, a wholly owned subsidiary, is an emerging producer of bio-diesel 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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