PetroSun, Inc. (OTC PINK:PSUD) will resume drilling at the Manuel Seep field during the week of October 31. A contract with Aztec Well Servicing Co. has been executed to deepen the MS 2-1 Well, previously halted due to COVID lockdowns, to explore helium potential. The company also announced a new convertible note financing of approximately $1.1 million to fund drilling and operational expenses, replacing a prior Share Purchase Agreement. Dr. Bailey stated they are optimistic about the project, citing the well's geological promise.
PetroSun, Inc. (OTC PINK:PSUD) has announced the approval of its largest helium and natural gas exploration and development program to date. This follows a comprehensive review of its ongoing projects, which include leases in Arizona, Colorado, New Mexico, and Utah. The company has engaged Seidel Technologies as a general contractor to oversee the drilling and re-completion activities in the Holbrook and Paradox Basins. CEO Dr. Gerald Bailey emphasized the strategic importance of helium for energy and national security.
PetroSun, Inc. (OTC PINK: PSUD) has appointed Dr. R. Gerald Bailey as its new Chief Executive Officer, effective June 1, 2022. Currently the Chairman and CEO, Gordon M. LeBlanc, Jr., will remain as Chairman to guide the company's strategic direction. Dr. Bailey brings extensive experience in the energy sector, having previously overseen Exxon’s operations in the Arabian Gulf. Along with this leadership change, PetroSun has adopted amended bylaws to enhance corporate governance. The Company focuses on helium, oil, and natural gas production, with operations spanning over 282,000 acres.
PetroSun, Inc. (OTC PINK: PSUD) has secured a $15 million equity commitment through a stock purchase agreement with a strategic investor. This recapitalization will equitize $9.1 million of existing debt and accrued interest, enhancing financial stability. The funds will primarily support lithium projects in Chihuahua, Mexico, and helium development in Arizona and Utah. The transaction has garnered confidence from existing investors, as it reflects ongoing support for the Company's core projects while paving the way for future growth.
PetroSun, Inc. (PSUD) has announced a lithium extraction demonstration project in Phoenix, Arizona, utilizing proprietary technology to extract lithium from raw ore sourced from its mining concessions in Mexico. The project is set to start in spring 2022. Additionally, the company outlined plans for three drilling projects aimed at developing helium assets in Arizona's Holbrook Basin and Utah's Golden Eagle Gas Field. These activities reflect the company's ongoing investment in mineral extraction technologies and expansion of its helium production capabilities.