[Bug-gne] re: Under the wire news

[Leslie Shannon]

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Current Price: 1.40
5 day expected 3.60

Current News

Jul 24, 2006 -- Petro Sun Drilling, Incorporated announced today that the 
company has entered into a Letter of Intent to acquire working interest in the 
Sibley Field of Webster Parish, Louisiana. The closing date of the transaction 
is scheduled for August 8, 2006, subject to the terms of an agreement with ALM 
Trust Properties, LLC and the Morgan Elizabeth Miles Trust.

The leasehold of approximately 1,000 acres includes four proven producing 
Pettit/Rodessa natural gas and/or oil wells and a minimum of fourteen proven 
undeveloped oil and natural gas locations as determined by the geological 
evaluation of well control data. The Pettit, Rodessa, Mooringsport and Paluxy 
are geological formations that produce oil and/or natural gas within the Sibley 
Field.

PetroSun will commence a development program targeting the Mooringsport and 
Paluxy oil reserves immediately after the closing of the acquisition.

About PetroSun

Petro Sun's current operations are concentrated in the Ark-La-Tex region with 
plans to expand into New Mexico, Arizona, Utah and Australia in 2006. 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. The Company's cutting edge 
technologies, combined with a proven ability to apply them effectively and 
safely within a disciplined ROI framework, creates long term value for PetroSun 
shareholders and partners. PetroSun is headquartered in Phoenix, Arizona. For 
more information about PetroSun visit the company's website.


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