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1031 Energy: PetroSun Executes Letter of Intent With BIOCO

PHOENIX, AZ--(MARKET WIRE)--Apr 11, 2007 -- PetroSun, Incorporated (Other OTC:PSUD.PK - News) announced today that the company has executed a Letter of Intent with BIOCO, Incorporated of Alberta, Canada to acquire a License Agreement conveying ultrasonic biorefinery and extraction technology rights within specific geographical areas. The financial terms will be disclosed upon the execution of the License Agreement.

The License Agreement includes granting PetroSun the exclusive rights to BIOCO extraction and refining technologies in Alabama, Florida, Georgia, Mississippi, Louisiana, Texas, Arizona, New Mexico, Nevada, California, Hawaii, Puerto Rico, Mexico and Australasia. PetroSun will also have the First Right of Refusal on all other U.S. states and foreign countries with the exception of Canada, India and the Philippines.

BIOCOs novel multi-process platform uses ultrasonic energy to process and synthesize clean fuels from algae, plus a multitude of other agricultural oilseed feedstocks. This technology uses unique applications of sonochemistry to enable a new type of processing and reformation. Initial testing on prototypes of this technology has demonstrated production of biodiesel at small scales with varied feedstocks. Once converted, this fuel can be purified and used as a source of energy; plus the processed byproducts can be reformed into synfuels and ethanol.

The focused use of ultrasound energy makes BIOCOs processes the fastest and most efficient available. In addition, our continuing research into algae production and ultrasonic algal oil extraction should make biodiesel fuel less expensive than petrochemical fuel, stated Jeffrey D. Hooker, Director of Research and Development of BIOCO. Not only will this research transform the biodiesel market, our use of ultrasonic technology to the byproducts of fuel production offers unparalleled opportunities to preserve a clean environment and increase the profitability of PetroSun.

The algae biorefinery is a facility that integrates algae cultivation (a sustainable supply) with oil extraction to biodiesel processing, plus byproduct reformation to produce synfuels, biomass power, chemicals and high protein aquatic feeds to animal meal. Other process platforms being added to the algae biorefinery include omega3 fatty acids from algae to use in all-natural consumer products and nutraceuticals.

Algae can absorb through photosynthesis excess carbon dioxide from fossil fuel-fired power plants and other major polluters, converting it into biofuels and essentially recycling pollution. The algae convert exhaust carbon dioxide and sunlight into biomass. This biomass is a very efficient feedstock for ethanol production and is a concentrated source of the primary ingredient of ethanol.

The synergy between the technologies of PetroSun and BIOCO will permit PetroSun, its subsidiaries and joint venture partners to realize large scale commercial production of biodiesel derived from algae within the next year, stated Gordon LeBlanc, Jr., CEO of PetroSun.

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