SCOTTSDALE, AZ--(MARKET WIRE)--Aug 21, 2008 -- PetroSun, Inc. (Other OTC:PSUD.PK - News) announced today the following corporate updates.

Financial Statements and Other Filings

The Company has scheduled sufficient time with its accounting firm during the week of August 25th to complete its financial statements through the second quarter of 2008. PetroSun has renewed its agreement with the OTC Disclosure and News Service and will be posting its updated financial statements on the Pinksheets.com website.

"The focus of PetroSun has been on the commercialization of its algae-to-biofuel technology and securing the funding required to generate a revenue stream from the algal oil and biomass production," stated Gordon LeBlanc, Jr., CEO of PetroSun, Inc. "Our commitment to achieve a fully reporting status, thereby allowing our shareholders a complete view and understanding of the company, will now be the focus next week."

Website

PetroSun will be completing new upgrades to our website next week. Added features will include detailed geological reports on company owned oil and gas prospects, photos and videos of corporate assets and activities, information on PetroSun's recent participation in a biodiesel documentary film and expanded information on our algae-to-biofuels technology.

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.

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