PHOENIX, AZ--(MRKET WIRE)--Jan 11, 2007 -- PetroSun, Incorporated (Other 0TC:PSUD,PK - News) announced today that an agreement has been executed with New Standard Exploration NL of West Perth, Australia covering Exploration Permit 417 located within the Canning Basin of Western Australia. PetroSun and New Standard will form a joint venture to explore, develop and produce oil and/or gas from EP417. PetroSun is the designated Manager/Operator and will be assigned a 75% working interest in the permit for the initial consideration of A$5,000,000 through PetroSun's sole funding of exploration, permit development and drilling.