SCOTTSDALE, AZ--(Marketwire - April 30, 2008) - PetroSun, Inc. (
The accounting firm engaged by PetroSun has advised the company that the financial reports through December 31, 2007 will be available within the next few days for filing. These reports will indicate that PetroSun was in a period of research and development on its algae-to-biofuels technology. The Company is committed to achieving fully reporting status in the near term as it enters the commercial stage of its algae-to-biofuels operations. PetroSun is currently interviewing for the position of CFO.
New content should be posted in the coming days under Renewable Energy, Algae-to Biofuels and Photo Gallery on the company website at www.petrosuninc.com. The delay has been caused by the workload of management due to the transition into commercial operations.
PetroSun BioFuels China
The Company has scheduled several meetings in Beijing and Shanghai during the period from May 26th to June 2nd to discuss algal oil feedstock and other corporate opportunities. PetroSun BioFuels China is a wholly owned subsidiary of PetroSun.
Company representatives met with the Texas Commission on Environmental Quality, Texas Parks & Wildlife and the Texas Department of Agriculture last week to discuss the permitting process for the Rio Hondo algae farm and extraction plant. The company notified the agencies of its intent to not discharge water from the ponds and the utilization of native algal strains. A tour and meetings with potential customers, partners and local residents has been scheduled for May 11th and 12th.
Oil and Gas Division
Under the direction of Dr. John Templin II, PetroSun is seeking to immediately exploit its holdings in Arizona, New Mexico and Louisiana for the exploration and development of oil, natural gas and helium. Information on these activities will be posted on our website under Prospects & Projects and the Oilpatch Report.
PetroSun's operations include oil and gas exploration, development and production and algae-to-algal oil alternative fuels production. The oil and gas division is focused on the exploration of the Holbrook Basin of Arizona, the San Juan Basin of New Mexico and Australian-based prospects. The Company will continue the development of oil and gas reserves in Louisiana. 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.