PetroSun Announces Development Program

Rhea-AI Summary

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.

Positive

• Approval of the largest exploration and development program in the company's history.
• Engagement of Seidel Technologies for project execution and management.
• Strategic focus on helium, which is vital for energy and national security.

Negative

• None.

PHOENIX, AZ / ACCESSWIRE / July 11, 2022 / PetroSun, Inc. (OTC PINK:PSUD; "PetroSun" or the "Company") announced today that it has completed a review of its helium and natural gas exploration and development program and has received approval from the Company's Board of Directors to proceed with exploratory and developmental drilling activity.

The Company, which owns leases in the Holbrook Basin of Arizona, the Four Corners Basin of Colorado and New Mexico, and the Golden Eagle Gas Field in Utah's Paradox Basin, has engaged Seidel Technologies ("Seidel") to prepare and execute the development program. Seidel will serve as the general contractor, providing engineering and project management. The Company's Head of Field Operations, Mr. Christopher Sumner, will oversee and advise Seidel in this work. Selected targets for drilling and re-completions of existing wells are located in the Holbrook Basin and the Paradox Basin.

PetroSun CEO Dr. Gerald Bailey commented that, "After dedicated effort over a number of years by the Company's Founder and Chairman of the Board, Mr. Gordon LeBlanc, Jr., the Board has approved the Company's largest exploration and development program to date. All of the selected drilling locations are prospective for helium, and the Company's Golden Eagle properties are also expected to produce natural gas. Helium is a vital element for both the energy and commercial sectors and also a strategic element for national security."

ABOUT PETROSUN, INC.

PetroSun, Inc. owns and operates significant projects prospective for helium and natural gas production in the United States. The Company holds the majority working interest in mineral leases that are variously prospective for helium and natural gas and cover over 282,000 gross acres in Arizona and New Mexico and 26,000 gross acres in the Paradox Basin of Utah. The Company trades on the OTC Pink Sheets under the symbol "PSUD".

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "project", "should", "will", "would", or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTCMarket.com website.

Contact:

PetroSun, Inc.
2999 North 44th Street, Suite 620
Phoenix, Arizona 85018
480-425-4290
Website: www.petrosun.us

SOURCE: PetroSun, Inc.

View source version on accesswire.com:
https://www.accesswire.com/708122/PetroSun-Announces-Development-Program

FAQ

What is the latest development from PetroSun regarding helium exploration?

PetroSun has approved its largest helium exploration and development program, focusing on drilling in the Holbrook and Paradox Basins.

Which areas are included in PetroSun's development program?

The program encompasses leases in the Holbrook Basin, Four Corners Basin, and Golden Eagle Gas Field in Utah.

Who is managing the drilling program for PetroSun?

Seidel Technologies has been engaged as the general contractor to manage the drilling activities.

What is the stock symbol for PetroSun?

The company trades under the stock symbol PSUD.

Why is helium exploration significant for PetroSun?

Helium is crucial for both the energy sector and national security, making it a key focus for PetroSun's development efforts.