PetroSun Issues Update on E&P Activities

PetroSun, Inc. announced the following updates of its oil and gas exploration and production activities.

Muslow #1

The Muslow #1 will be perforated in the Rodessa formation within the next few days. Surface production equipment has been installed on the location in anticipation of oil production.

PetroSun holds a 25-percent working interest in the 2,961-acre Muslow tract.

EP 417, Canning Basin, Western Australia

PetroSun and New Standard Exploration NL met in Scottsdale, Arizona, and agreed to commence the Heritage Survey on EP 417. The PetroSun/New Standard Exploration Joint Venture will obtain permits to drill a minimum of two wells on the Lanagan Prospect during the period from May through November of 2007.

PetroSun is the designated Manager/Operator of EP 417 and holds a 75-percent working interest in the 6,300-square-kilometer (1.5 million acres plus) concession.

PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2007. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae.