GLOBAL INVESTMENT UPDATE: PetroSun Completes Acquisition of Sibley
Vancouver, December 18, 2006 - Global Developments, Inc.
(PINKSHEETS: GBDP), a publicly traded venture capital company, is
pleased to provide the following update with respect to PetroSun
Inc., an oil exploration company in which Global holds an equity
PHOENIX, AZ--(MARKET WIRE)--Dec 18, 2006 -- PetroSun, Incorporated
(PINKSHEETS: PSUD) announced today that the company has completed the
acquisition of the ALM Trust Properties, LLC working interest in the
Sibley Field of Webster Parish, Louisiana. The Sibley Field assets
acquired by the Company include five producing gas wells and numerous
proven undeveloped locations.
PetroSun will cause the implementation of a plan of operation to
commence the development of the Pettit gas and Paluxy oil proven
undeveloped locations during the first half of 2007. The Company will
also conduct a review of the existing producing wells and other
wellbores on the leasehold to determine whether additional production
can be obtained from remedial workovers or recompletions.
PetroSun's current operations are concentrated in the Ark-La-Tex
region with plans to expand into New Mexico, Arizona, Utah and
Australia in 2007. PetroSun provides a comprehensive array of
products and services to the oil industry. Algae BioFuels, a wholly
owned subsidiary of PetroSun, is an emerging producer of biodiesel
derived from the cultivation of algae. The Company's cutting edge
technologies, combined with a proven ability to apply them
effectively and safely within a disciplined ROI framework, creates
long-term value for PetroSun shareholders and partners. PetroSun is
headquartered in Phoenix, Arizona. For more information about
PetroSun visit the company's website at http://www.petrosun.us.
About Global Developments
Global Developments, Inc. is a publicly traded venture capital
company. It was formed to create a unique investment vehicle
representing a growing portfolio of innovative and emerging
growth-oriented companies. Global acquires its portfolio companies
either as wholly or partially owned subsidiaries, or as an investment
where Global is the lead investor. As a result, Global maintains
substantial management and operational control, thereby giving it the
ability to provide significant oversight and guidance in building
value and creating liquidity events for its shareholders. Global
invests in companies with solid management, operational excellence,
and the potential to grow substantial revenue streams.
Please visit http://www.globaldevelopmentsinc.com for more
You should not place undue reliance on forward-looking statements in
this press release. This press release contains forward-looking
statements that involve risks and uncertainties. Words such as
``will,'' ``anticipates,'' ``believes,'' ``plans,'' ``goal,''
``expects,'' ``future,'' ``intends,'' and similar expressions are
used to identify these forward-looking statements. Actual results
could differ materially from those anticipated in these
forward-looking statements for many reasons, including the risks we
face as described in this press release. For further information
about Global Developments, Inc. please refer to its Web site at
Global Developments, Inc.
Source: GLOBAL DEVELOPMENTS, INC