SOURCE: PetroSun, Inc.

February 05, 2007 06:00 ET

PetroSun Drilling Results Spark Major Interest in Development

PHOENIX, AZ -- (MARKET WIRE) -- February 5, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the production casing was set on the Muslow #1 to a depth of 4,000 feet. The well will be perforated within the next ten days to test the Rodessa Dees, Hill, Jeter and Jolley formations at depths ranging from 3,930 to 3,570 feet. Based on the logs and sidewall core analysis it is anticipated that the Muslow #1 will produce a high gravity crude oil from the Rodessa limestone formations mentioned above. The projected net pay from the combined intervals is approximately 35 feet.

The Cryer-Halbouty Muslow well located in Section 5, Township 20 North, Range 15 West logged, sidewall cored and drill stem tested the Hill formation. The Muslow #1 well is four feet high to the Cryer-Halbouty with similar log response in the Hill. The Cyrer-Halbouty Hill sidewall core analysis indicated oil in a 16-foot section and a drill stem test recovered 60 feet of gas cut mud and water free oil.

"We are very encouraged with the logs and analysis of the Muslow #1," said Gordon LeBlanc, Jr., CEO of PetroSun, "Upon the successful completion of the Muslow #1 as a producing well, the Company intends to fully develop the lease to increase monthly revenues and add to our oil and gas reserve base."

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

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