January 09, 2008 08:30 ET
PetroSun BioFuels Refining Executes Joint Venture Agreement to Locate a Biodiesel Refinery in Coolidge, Arizona
SCOTTSDALE, AZ--(Marketwire - January 9, 2008) - PetroSun, Inc. (PINKSHEETS: PSUD) announced
today that its subsidiary, PetroSun BioFuels Refining, has entered into a
joint venture to construct and operate a biodiesel refinery near Coolidge,
Arizona. The feedstock for the refinery will be algal oil produced by
PetroSun BioFuels at company owned and operated algae farms to be located
in Arizona.
The refinery will have an annual production capacity of thirty million
gallons and will produce 100% renewable biodiesel that will meet or exceed
industry quality specifications for the domestic market. PetroSun BioFuels
will process the residual algae biomass into ethanol.
The biorefinery and algae farm complex will generate all of its own
electrical and heat requirements, utilize non-potable or saltwater, consume
no fossil fuels and will be carbon neutral. The joint venture anticipates
that all permits will be approved and construction on the biorefinery
should commence during the third quarter of 2008.
About PetroSun
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 Alabama, Arizona,
Louisiana, Mexico, Brazil and Australia 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 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.