PetroSun Announces Arizona Oil and Gas Exploration Transaction
Posted on: Wednesday, 10 October 2007, 09:00 CDT
PetroSun, Incorporated (PINKSHEETS: PSUD) is pleased to announce the execution of a drilling commitment agreement on a 12,783 acre company held oil and gas lease located in Mohave County, Arizona. PetroSun and Vanterra Energy of Denver, Colorado have agreed to drill a Basin and Range prospect developed by Vanterra Energy. The initial test well will be drilled during 2008 to basement or a minimum depth of 6,000 feet to evaluate all zones of interest.
The agreement grants PetroSun a twenty-five percent carried working interest through the casing point on the initial test well. The Company will maintain its twenty-five percent working interest on the 12,783 acre lease on all future wells drilled under the agreement. The lease provides an 81.25% net revenue interest to the working interest owners.
About PetroSun
PetroSun's operations include oil and gas exploration, development and production, algae-to-algal oil alternative fuels production and oilfield services. 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 of the 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. The oilfield services division is in the process of upgrading our capabilities to support the exploration, development and production operations. 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: PetroSun, Inc. Investor Relations Email Contact (480)-425-4290
SOURCE: PetroSun, Inc.
Source: MARKET WIRE
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