SOURCE: PetroSun, Inc.

April 23, 2007 06:00 ET

PetroSun Reports Muslow #1 Oil and Gas Production

PHOENIX, AZ -- (MARKET WIRE) -- April 23, 2007 -- PetroSun, Incorporated (PINKSHEETS: PSUD) is pleased to announce that effective today the Muslow #1 has commenced the production of oil and gas from the Rodessa Hill formation. The Company will post weekly production rates under the heading Oilpatch Report on our website at www.petrosuninc.com.

The current market price of crude oil in North Louisiana approximates $64 per barrel and natural gas is above $7.00 per thousand cubic feet. The operator will engage Plains Marketing to purchase the crude oil and Prism to market the natural gas.

With the success of the Muslow #1, Wilcox Operating has proposed the further development of the Rodessa formation and a Pettit test on the 2,961 acre Muslow tract. The Muslow #1 contained other potential productive zones that will either be tested later or drilled as primary targets in future wells within the leasehold.

"We are thrilled that the Muslow #1 is producing oil and gas as we continue our exploration and production programs in the Ark-La Tex region," stated Rayfield Wright, President of PetroSun. "We are focused on increasing revenues and proven oil and gas reserves to reward our shareholders for their patience and commitment in seeing our plans to fruition."

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