March 24, 2008 10:48 ET
PetroSun Issues Algae-to-Biofuels Corporate Updates
SCOTTSDALE, AZ--(Marketwire - March 24, 2008) - PetroSun, Inc (PINKSHEETS: PSUD) announced
today the following corporate updates.
The Rio Hondo, Texas algae farm will commence operations on April 1, 2008
as PetroSun's initial commercial algae-to-biofuels facility. The current
algae farm consists of 1,100 acres of saltwater ponds that the Company
projects will produce a minimum of 4.4 million gallons of algal oil and 110
million pounds of biomass on an annual basis. The Company has dedicated 20
acres of ponds for a proposed algae derived JP8 jet fuel research and
development program.
The Rio Hondo algae farm will be expanded in the future to provide the
feedstock required by present or proposed company owned or joint ventured
biodiesel and ethanol refineries. The Company plans to construct or acquire
additional plants in the Gulf Coast region that are reachable via barge up
the Mississippi River and its tributaries including the Red River. The
previously announced Bridgeport, Alabama refinery will receive algal oil
feedstock from this distribution program.
"Our business model has been focused on proving the commercial feasibility
of the firms' algae-to-biofuels technology during the past eighteen
months," stated Gordon LeBlanc, Jr., CEO of PetroSun. "Whether we have
arrived at this point in time by a superior technological approach, sheer
luck or a redneck can-do attitude, the fact remains that microalgae can
outperform the current feedstocks utilized for conversion to biodiesel and
ethanol, yet do not impact the consumable food markets or fresh water
resources."
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 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.