PSUD Petrosun Inc (PK)

PetroSun Drilling Inc. (Pink Sheets: PSUD), an emerging provider of oilfield services, announced today that the company has acquired an 80% equity interest in Bengal Drilling Inc. The equity interest was acquired from Tiger Energy Inc. in exchange for 3,200,000 shares of PetroSun Drilling (PSUD) restricted common stock. "PetroSun's acquisition of Bengal Drilling highlights our core business strategy to provide in-house drilling, completion, equipment and production services," said L. Rayfield Wright, president of PetroSun. "The Bengal acquisition not only brings PetroSun an immediate source of revenue with terrific margins, it's a great complement to our existing services by allowing us and our joint venture partners to readily control drilling schedules and expenses through increased efficiencies and lowered supply costs." Bengal Drilling entered into an agreement on May 20, 2006, to acquire a Spencer Harris 7000 drilling rig capable of reaching depths to 9,000 feet. The closing of this contract is scheduled for June 19, 2006. Oilfield Services Outlook The present and future market for oilfield services is extremely favorable due to the increased demand worldwide for crude oil and natural gas. Under current market conditions it is not uncommon for majors and independents to contract with oilfield service companies for up to a year or more to ensure the availability of drilling and workover rigs. Current industry rig reports show a sharp rise in day rates, and operating income per rig has climbed 190% since the fourth quarter of 2004. There is no indication of this trend coming to an end, and current data suggests that the industry may be experiencing the first extended boom in land-based drilling in the United States since the 1970s and early 1980s. About PetroSun PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2006. PetroSun provides a comprehensive array of products and services to the oil industry. The company's cutting-edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, create long-term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix. For more information about PetroSun, visit the company's Web site at http://www.petrosun.us. 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.