SOURCE: PetroSun, Inc.

August 16, 2007 08:00 ET

PetroSun to Test Drilling Rig Slated for the Canning Basin of Western Australia

PHOENIX, AZ--(Marketwire - August 16, 2007) - PetroSun, Incorporated (PINKSHEETS: PSUD) announced today that the Spencer Harris 7000 drilling rig recently surveyed by ModuSpec USA will drill the Muslow #2 prior to being shipped to the Canning Basin of Western Australia. PetroSun has engaged the Australian drilling superintendent for the firm's Lanagan A well to be present during the drilling of the Muslow #2. This will allow the Australian drilling crew to become familiar with the Spencer Harris 7000 during actual operations prior to drilling the Lanagan A.

The Muslow #2 is a 5,000 foot development well located on the 2,961 acre Muslow lease in the Caddo Pine Island Field of Caddo Parish, Louisiana. The Muslow #1 produces approximately 16 barrels of oil and 50 thousand cubic feet of gas per day from the Glen Rose formation. The Muslow #2 is scheduled to be spudded prior to the end of August. PetroSun holds a working interest position in the Muslow lease.

About PetroSun

PetroSun's operations include oil and gas exploration, development and production, algae-to-algal oil alternative fuels production and oilfield services. 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 of the algae-to-biofuels production technology. The Company plans to establish algae farms and algal oil extraction plants in Alabama, Arizona, Louisiana, California, Mexico and Australia during 2007/2008. The algal oil product will be marketed as feedstock to existing biodiesel refiners. The oilfield services division is in the process of upgrading our capabilities to support the exploration, development and production operations. 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:
    PetroSun, Inc.
    Investor Relations
    Email Contact
    (602)-487-6486