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Current Price: 1.40
5 day expected 3.60
Current News
Jul 24, 2006 -- Petro Sun Drilling, Incorporated announced
today that the company has entered into a Letter of Intent
to acquire working interest in the Sibley Field of Webster
Parish, Louisiana. The closing date of the transaction is
scheduled for August 8, 2006, subject to the terms of an
agreement with ALM Trust Properties, LLC and the Morgan
Elizabeth Miles Trust.
The leasehold of approximately 1,000 acres includes four
proven producing Pettit/Rodessa natural gas and/or oil wells
and a minimum of fourteen proven undeveloped oil and natural
gas locations as determined by the geological evaluation of
well control data. The Pettit, Rodessa, Mooringsport and
Paluxy are geological formations that produce oil and/or
natural gas within the Sibley Field.
PetroSun will commence a development program targeting the
Mooringsport and Paluxy oil reserves immediately after the
closing of the acquisition.
About PetroSun
Petro Sun's current operations are concentrated in the
Ark-La-Tex region with plans to expand into New Mexico,
Arizona, Utah and Australia in 2006. PetroSun provides a
comprehensive array of products and services to the oil
industry. Algae BioFuels, a wholly owned subsidiary of
PetroSun, is an emerging producer of biodiesel derived from
the cultivation of algae. The Company's cutting edge
technologies, combined with a proven ability to apply them
effectively and safely within a disciplined ROI framework,
creates long term value for PetroSun shareholders and
partners. PetroSun is headquartered in Phoenix, Arizona. For
more information about PetroSun visit the company's
website.
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