SOURCE: PetroSun, Inc.

March 30, 2007 06:00 ET

PetroSun Executes Farmin and Joint Operating Agreements With New Standard Exploration NL

PHOENIX, AZ -- (MARKET WIRE) -- March 30, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the Company has executed the formal Farmin and Joint Operating Agreement with New Standard Exploration NL covering Exploration Permit 417 located in the Canning Basin of Western Australia. PetroSun is the designated Manager/Operator and will earn a 75% working interest in the permit area through the sole funding of the initial two well exploration program.

The Lanagan "A" Prospect will be the initial test well and is scheduled to be drilled to a depth of 2,500 meters to test the Knobby Sandstones. The Lanagan "A" is a seismic generated prospect with a 10,000 acre closure and potential calculated volumes in excess of 50 million barrels of black crude oil. The Lanagan Prospect contains several other seismic defined structures within the Lanagan complex, including the Lanagan "B" Prospect that is being considered for the second test well.

The Spinifex and Lawford Prospects are seismic generated prospects located within the boundaries of EP 417. The Spinifex Prospect covers 20,000 acres with potential recoverable crude oil volumes exceeding 100 million barrels. The 40,000 acre Lawford Prospect contains 100 million barrels of potential recoverable crude oil.

"I have researched the Canning Basin for the past decade and consider it to be among the few underexplored onshore basins in the world that may contain world class oil reserves," said Gordon LeBlanc, Jr., CEO of PetroSun. "The Canning Basin is attracting interest worldwide and PetroSun is well positioned as we commence our exploration program."

The EP 417 contains 6,300 square kilometers (approximately 1.5 million acres) within the permit boundaries. PetroSun has posted prospect data on EP 417 on its website at www.petrosuninc.com 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 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