PetroSun Announces Share Repurchase

SCOTTSDALE, AZ--(Marketwire - July 28, 2008) - PetroSun, Inc. (PINKSHEETS: PSUD) announced today that the Board of Directors has authorized the buyback of up to 12 million shares or approximately twenty-five percent of the company's common stock currently issued and outstanding over a nine month period.

"The share buyback plan demonstrates the Board of Directors confidence in the cash-generating capabilities of our algae-to-biofuels technology and the recently announced oilfield tubing and casing sales agreement," stated PetroSun CEO Gordon LeBlanc, Jr. "This share repurchase plan will honor our commitment to increase shareholder value."

The timing of repurchases and the number of shares repurchased will depend upon business and financial market conditions.

About PetroSun

PetroSun's operations include oil and gas exploration, development, production, oilfield tubular sales and algae-to-algal oil alternative biofuel production. The oil and gas division is focused on the exploration of the Holbrook Basin of Arizona, the San Juan Basin of New Mexico, Australian-based prospects and the development of oil and gas reserves in Louisiana. PetroSun Oilfield, a wholly owned subsidiary, is engaged in the importing of tubing and casing from China for marketing and distribution within the US market. 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.