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Current Price: .89
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Current News
PetroSun Acquires 985,000 Acres of Oil and Gas Mineral
Rights in New Mexico and Arizona
Wednesday August 9, 5:53 pm ET
PHOENIX, AZ--(MARKET WIRE)--Aug 9, 2006 -- PetroSun
Drilling, Incorporated (Other OTC:PSUD.PK - News), announced
today that the company has entered into a lease agreement
with NZ Oil and Gas, LLC that contains 985,000 acres of oil
and gas mineral rights in New Mexico and Arizona. The
leasehold includes prospective acreage in the San Juan Basin
of New Mexico and the Holbrook Basin of Arizona that was
reviewed in an independent Qualitative Assessment of Oil and
Gas Potential by the Ryder Scott Company.
The initial term of the leasehold agreement is for a period
of five years. During this timeframe, PetroSun plans to
engage in strategic joint ventures with industry partners to
fully exploit the prospective acreage. PetroSun
subsidiaries, Bengal Drilling and Bobcat Pipe & Supply,
will provide the drilling services, pipe and equipment for
the projects. The Company intends to begin its exploration
activities within the NZOG leasehold during the third
quarter of 2006.
The San Juan Basin is the second largest natural gas field
in the contiguous United States. The basin contains more
than 300 oil and gas fields that produce from the Paleozoic,
Jurassic, Cretaceous and Tertiary reservoirs.
The Holbrook Basin of Apache County, Arizona contains former
helium producing fields (Pinta Dome, Navajo Springs and East
Navajo Springs) and promising indications of oil, natural
gas, helium and CO2 from exploration wells drilled within
the basin.
PetroSun Corporate Update
Tuesday August 8, 1:30 pm ET
PHOENIX, AZ--(MARKET WIRE)--Aug 8, 2006 -- PetroSun
Drilling, Incorporated (Other OTC:PSUD.PK - News) announced
today that the company has filed its March 31, 2006
quarterly financial statement with Pink Sheets.
About PetroSun
PetroSun'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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