SOURCE: PetroSun, Inc.

November 13, 2007 09:29 ET

PetroSun Forms Microbial Subsidiary; Acquires Microbe Based Energy Technologies

PHOENIX, AZ--(Marketwire - November 13, 2007) - PetroSun, Inc. (PINKSHEETS: PSUD) announced today the formation of PetroSun Microbial as a wholly owned subsidiary. The new company will be engaged in the commercial implementation and development of microbial-based technologies and services acquired from EnviroBac TMB under an Exclusive License Agreement.

The License Agreement grants PetroSun Microbial exclusive worldwide rights for technologies and services that include microbial enhanced oil recovery (MEOR), microbial paraffin control, petroleum spill remediation and photosynthetic bacteria-to-biofuel research. The Company will immediately enter into a research and development program to determine the commercial viability of the photosynthetic bacteria-to-biofuel technology.

Microbial Enhanced Oil Recovery is the use of microbes to extract crude oil from existing oil wells in mature fields. Primary and secondary recovery methods utilized by the oil industry recover 25 to 35 percent of the original oil in place. Tertiary recovery techniques, such as MEOR, may recover an additional ten percent of the oil from producing reservoirs. The current record levels of crude oil prices and dwindling recoverable reserves create a demand for MEOR within the domestic oil industry. The Company will seek out MEOR opportunities through acquisition, farmout or joint venture.

About PetroSun

PetroSun's operations include oil and gas exploration, development and production and algae-to-algal oil alternative fuels production. The oil and gas division is focused on the exploration of the Canning Basin of Western Australia and the Holbrook Basin of Arizona. The Company will continue the development of oil and gas reserves in Louisiana. The alternative fuels division is in the pre-commercial stage with its algae-to-biofuels production technology. The Company plans to establish algae farms and algal oil extraction plants in Alabama, Arizona, Louisiana, Mexico, Brazil and Australia during 2007/2008. The algal oil product will be marketed as feedstock to existing biodiesel refiners. PetroSun is headquartered in Scottsdale, 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:
    Investor Relations
    Jim LeCrone
    480-425-4291