SOURCE: PetroSun, Inc.

June 13, 2007 08:00 ET

PetroSun Reports Completion of Phase 1 of the Exploration Permit 442 Farmin Agreement

PHOENIX, AZ--(Marketwire - June 13, 2007) - PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that it has completed the initial funding requirements of the Exploration Permit 442 Farmin Agreement with New Standard Exploration NL of West Perth, Western Australia. The financial terms included a cash payment of one hundred thousand dollars US to New Standard NL. PetroSun will be assigned a 70% working interest in the Canning Basin permit as the sole funder of the drilling, testing and completion costs of the initial three test wells. PetroSun will be responsible for seventy percent and New Standard NL thirty percent of the costs on all subsequent wells drilled on the farmin leasehold.

The EP 442 Farmin Agreement contains 22 graticular blocks that total 1,760 square kilometers or approximately 434,720 acres within the permit boundaries. The initial test well will be drilled to a depth sufficient to fully evaluate the Ordovician Acacia Sandstone.

PetroSun has been designated as the Manager/Operator of Exploration Permit 442. The net revenue interest to the working interest owners approximates ninety percent, with the government retaining the balance as a royalty interest. The Company will be posting technical information and maps related to the EP 442 on its website at www.petrosuninc.com.

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