SOURCE: PetroSun, Inc.

May 21, 2007 06:00 ET

PetroSun Issues Oilpatch Report

PHOENIX, AZ -- (MARKET WIRE) -- May 21, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) announced today the following updates to its Oilpatch Report.

Arizona Exploration Program

PetroSun has received the green light to proceed with its Arizona Exploration Program. The Company will immediately commence the process of staking and permitting drill site locations on the Manuel Seep and Little Colorado structures that are located within the 985,000 acre NZOG lease obtained by PetroSun. The NZOG lease may be viewed under the heading Prospects & Projects at www.petrosuninc.com. The Company holds an eighty-one and one-half percent net revenue interest and one hundred percent of the working interest across the NZOG leasehold.

The Manuel Seep and Little Colorado prospects will be drilled to basement to test the Permian, Pennsylvanian and Devonian formations for oil, natural gas and helium. The prospects are located in the Holbrook Basin of Apache County, Arizona.

PetroSun will also stake and permit two locations within the Pinta Dome Helium Field on the northern edge of the Holbrook Basin and drill a confirmation test of oil shows in the Permian and Devonian formations at the Meteor Crater prospect twenty miles west of Winslow, Arizona.

Muslow #1, Caddo Pine Island Field

The Muslow #1 will be perforated in an eight foot thick oil sand that sidewall core analysis indicated readings of 31.7% porosity and 708 millidarcies of permeability. This zone had the best analysis of all the formations tested by sidewall core and log analysis. It is anticipated that the Muslow #1 will be in production this week.

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. 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