SOURCE: PetroSun, Inc.

April 02, 2007 06:00 ET

PetroSun Executes Agreement With New Standard Exploration NL on Canning Basin EP 442

PHOENIX, AZ -- (MARKET WIRE) -- April 2, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the Company has executed an agreement with New Standard Exploration NL covering specific blocks within Exploration Permit 442 located in the Canning Basin of Western Australia. PetroSun and New Standard will form a joint venture to explore, develop and produce oil and/or natural gas from the EP 442 blocks. PetroSun is the designated Manager/Operator and will earn a 70% working interest in the blocks through the sole funding of the initial three exploration wells.

The EP 442 joint venture leasehold consists of 22 graticular blocks that total 1,760 square kilometers (434,720 acres) within the permit boundaries. The initial test well will be drilled prior to September 30, 2007 to a depth sufficient to fully evaluate the Ordovician Acacia Sandstone target.

"The EP 442 prospect area is located southeast of the Shell Looma 1 that penetrated Ordovician age reservoirs with excellent oil shows and based on available data we expect the formations to thicken significantly across our EP 442 leasehold," said Gordon LeBlanc, Jr., CEO of PetroSun. "The EP 442 blocks and the previously announced EP 417 provide PetroSun with the opportunity to discover potentially large onshore oil reserves within a politically stable country."

PetroSun will be posting prospect data on EP 442 on its website at under Prospects and Projects.

About PetroSun

PetroSun's current oil and gas operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona and Australia in 2007. 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 framework, create long-term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona with field offices in Shreveport, Louisiana and Opelika, Alabama. 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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