SOURCE: PetroSun, Inc.

September 09, 2008 10:42 ET

PetroSun Reports Progress on Algae Biofuel Systems and Financial Statements

SCOTTSDALE, AZ--(Marketwire - September 9, 2008) - PetroSun, Inc. (PINKSHEETS: PSUD) announced today the following updates of corporate activities related to its algae-to-biofuel technology and filing of financial statements.

Financial Statements and Other Filings

The Company filed its 2Q 2007 Financial Statement with Pink Sheets on September 8, 2008. All other quarterly and annual financial reports due through the 2Q 2008 will be filed in succession after a review process. The Company and its accounting firm project the completion of these actions by the end of next week.

PetroSun BioFuels China

The Company has been engaged in negotiations to enter into a Chinese-Foreign Cooperative Enterprise or Sino-Foreign Joint Venture for the purpose of acquiring funding and the establishment of algae farm-biofuel systems within the People's Republic of China. The Company has planned site visits of potential farm and plant locations near Shanghai commencing October 7th. PetroSun will be establishing offices in Shanghai and Beijing to support the initial commercial scaled algae farm system and pilot plant operations during this trip.

About PetroSun

PetroSun's operations include oil and gas exploration, development, production, oilfield tubular sales and algae-to-algal oil alternative biofuel production. The oil and gas division is focused on the exploration of the Holbrook Basin of Arizona, the San Juan Basin of New Mexico, Australian-based prospects and the development of oil and gas reserves in Louisiana. PetroSun Oilfield, a wholly owned subsidiary, is engaged in the importing of tubing and casing from China for marketing and distribution within the US market. The alternative fuels division has entered the commercial stage of its algae-to-biofuels production technology. The Company plans to establish algae farms and algal oil extraction plants in Louisiana, Texas, Arizona, Mexico and Central America during 2008. The algal oil product will be marketed as feedstock to existing biodiesel refiners and planned company owned refineries. PetroSun is headquartered in Scottsdale, Arizona with field offices in Shreveport, Louisiana and Rio Hondo, Texas. For more information about PetroSun visit the company's website at 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
    Osprey Partners
    732-292-0982
    Email Contact