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PetroSun Executes Algal Oil Feedstock Letter of Intent
Press Release
PHOENIX, AZ -- 11/05/07 -- PetroSun, Inc. announced today that PetroSun BioFuels, a wholly owned subsidiary, has executed a Letter of Intent with Bio-Alternatives, Inc. that frames an algal oil Feedstock Supply Agreement. Bio-Alternatives of Gulf Shores, Alabama, an emerging refiner of biodiesel, plans to locate its initial facility in south Louisiana.
The terms of the agreement include PetroSun BioFuels producing a minimum of 54 million gallons of raw algal oil and Bio-Alternatives buying 54 million gallons of algal oil feedstock on an annual basis. The initial delivery to the Bio-Alternatives refinery will occur during the third quarter of 2008. PetroSun will locate algae farms and an extraction plant in Louisiana to service this contract. The contract price of the algal oil will be indexed to the market price of crude oil.
The Feedstock Supply Agreement will be executed on or before November 30, 2007.
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 Canning Basin of Western Australia and the Holbrook Basin of Arizona. The Company will continue the development of oil and gas reserves in Louisiana. The alternative fuels division is in the pre-commercial stage with 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 2007/2008. The algal oil product will be marketed as feedstock to existing biodiesel refiners. 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.
Contact:
Investor Relations
Osprey Partners
Mike Mulshine
732-292-0982
Email Contact
Nature gave us oil from algae; perhaps we should try Nature's way again
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algOS - Biodiesel from Algae Open Source
Oilgae has a focus on biodiesel production from algae while also discussing alternative energy in general.
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