November 13, 2008
PetroSun to Commence Operations on Its Manuel Seep Prospect in Arizona
PetroSun, Inc. (PINKSHEETS: PSUD) announced today that the oil and gas division of the company will commence drilling operations on the Manuel Seep Prospect upon the receipt of a permit to drill, completion of site location and arrival of the drilling rig. The Manuel Seep Prospect is located in the Holbrook Basin of Apache County, Arizona. PetroSun maintains oil and gas rights to 985,000 plus acres in the Holbrook Basin of Arizona and the San Juan Basin of New Mexico.
The initial well on the Manuel Seep Prospect has a projected total depth of 4,800 feet and will test all prospective oil, gas or helium zones encountered to basement. The primary reservoir targets will be formations within the Permian, Pennsylvanian and Devonian series. PetroSun has received a letter of interest from Praxair to process potential commercial quantities of helium produced from our leasehold in Arizona and New Mexico.
Information on the Manuel Seep Prospect, including operations status, will be posted on our corporate website at www.petrosuninc.com. Daily reports on the progress of the well and live video feeds of the operations will be provided on our website following the arrival of the drilling rig to the location.
PetroSun, Inc. is a diversified energy company with technology and operations in the commercialization of algae-to-biofuels, microbial enhanced oil recovery, oil and gas exploration and development and oilfield pipe and supply. For more information about PetroSun visit the company's website at 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 Osprey Partners 732-292-0982 Email Contact
SOURCE: PetroSun, Inc