PetroSun announced today its Q1 2019 exploration and development plans for the Holbrook Basin (AZ); long-term Liquid Helium Agreement with Praxair
PHOENIX, ARIZONA –December 17, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE – PetroSun, Inc (OTC PINK: PSUD) announced today its Q1 2019 exploration and development plans for the Holbrook Basin (AZ). AEP Drilling, a wholly-owned subsidiary of Arizona Energy Partners and affiliate of PetroSun, will move its drilling rig onto the AEP 16-1 Concho Dome (Permit 1215) to deepen the well to 4,000 feet or basement, whichever is deeper. After testing and completion operations are conducted on the 16-1, AEP Drilling will move the rig to the AEP 2-1MS (Permit 1216) to test the Manuel Seep structure. Both wells and geological structures have the potential to produce commercial quantities of helium, crude oil and/or natural gas.
If successful, Arizona Energy Partners will drill additional development wells and construct the Oso Draw Helium Plant for the extraction and processing of up to 240 million standard cubic feet of liquid helium per year. AEP will supply liquid helium produced by this facility to Praxair, a wholly-owned subsidiary of Linde plc (NYSE: LIN; FWB:LIN), under a long-term agreement. “Our supply agreement with AEP is yet another example of Praxair’s commitment to support the development of helium resources globally in order to meet our customers growing demand”, said Praxair’s Amer Akhras, General Manager, Global Helium.
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 OTC Market.com website.
2999 North 44th Street, Suite 620
Phoenix, Arizona 85018