PetroSun Forms Microbial Subsidiary; Acquires Microbe Based Energy Technologies
November 13 2007 - 9:29AM
Marketwired
PHOENIX, AZ announced today the formation of PetroSun Microbial
as a wholly owned subsidiary. The new company will be engaged in
the commercial implementation and development of microbial-based
technologies and services acquired from EnviroBac TMB under an
Exclusive License Agreement.
The License Agreement grants PetroSun Microbial exclusive
worldwide rights for technologies and services that include
microbial enhanced oil recovery (MEOR), microbial paraffin control,
petroleum spill remediation and photosynthetic bacteria-to-biofuel
research. The Company will immediately enter into a research and
development program to determine the commercial viability of the
photosynthetic bacteria-to-biofuel technology.
Microbial Enhanced Oil Recovery is the use of microbes to
extract crude oil from existing oil wells in mature fields. Primary
and secondary recovery methods utilized by the oil industry recover
25 to 35 percent of the original oil in place. Tertiary recovery
techniques, such as MEOR, may recover an additional ten percent of
the oil from producing reservoirs. The current record levels of
crude oil prices and dwindling recoverable reserves create a demand
for MEOR within the domestic oil industry. The Company will seek
out MEOR opportunities through acquisition, farmout or joint
venture.
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 Jim LeCrone 480-425-4291