PHOENIX, ARIZONA – (Disclosure & News Service – January 9, 2019) – PetroSun, Inc (OTC PINK: PSUD) is pleased to provide the following review of 2018 operations, acquisitions and progress made during the past year; including updates of planned operations for 2019.
February – March
The AEP 16-1, a helium, crude oil and natural gas confirmation well on the Concho Dome in Apache County, Arizona was drilled to a depth of 2,705 feet. Drilling operations were suspended at this depth due to concerns regarding the drilling rig. The AEP 16-1 will be re-entered during Q1 2019 and drilled to 4,000 feet or basement, whichever is greater, to test the primary targets for helium, crude oil and/or natural gas.
PetroSun Energy Services, a wholly-owned subsidiary, entered into a joint venture relationship with ELD Resources and formed Eau Resources. The purpose of Eau Resources is to exploit patented technology for the processing of production and frac water from oil and natural gas wells.
AEP Drilling, a wholly-owned subsidiary of PetroSun affiliate Arizona Energy Partners, executed an agreement to acquire a Stewart and Stevens Crown Duke CE750 drilling rig rated to 10,000 feet. The Crown Duke drilling rig acquisition was completed, and it is now located at the PetroSun yard at 4000 Monroe Road in Farmington, New Mexico.
PetroSun entered into an agreement with Golden Eagle Exploration, LLC and Golden Paradox Inc to acquire the Golden Eagle Gas Field in Grand County, Utah. The 26,800-acre natural gas field contains three wells with over 80 billion cubic feet of natural gas resources booked at the present time. The Golden Eagle Gas Field will be tested during 2019 for additional natural gas, helium and crude oil resources.
PetroSun entered into a lease agreement with Coastal 4000, LLC for a 2.89-acre yard and commercial building located at 4000 Monroe Road in Farmington, New Mexico. PetroSun is utilizing this location as its Four Corners field headquarters and yard, as it is strategically located to service Company operations in New Mexico, Colorado, Utah and Arizona.
May – June
PetroSun announced the planned spin-off of wholly-owned subsidiary TorusMed. TorusAg, a wholly-owned subsidiary of TorusMed will remain a subsidiary of TorusMed after the spin-off. The PetroSun shareholders of record as of the close of business on June 15, 2018 will receive a distribution of TorusMed common stock. TorusMed intends to list its securities with OTC Markets, but there is no assurance that this will be completed or if completed, when it will be completed. The Company will provide additional details of the spin-off as it becomes available.
TorusMed has subsequently entered commercial marketing operations of its hemp extract product line derived from organic industrial hemp. The TorusMed website can be viewed at www.torusmed.com.
The Farm Bill 2018 was approved and enacted, allowing for industrial hemp to be legal under Federal law, including open access to banking and crop insurance.
PetroSun elected Dr. R. Gerald (Jerry) Bailey to serve as a member of the Board of Directors. Dr. Bailey has over 50 years of experience in the international and domestic petroleum industry, being involved in all aspects of engineering and executive management, both upstream and downstream. His specific skill set includes the Middle East, U.S. onshore/offshore, liquid natural gas (LNG) and gas to liquids (GTL). Dr. Bailey formerly served as President of Exxon Arabian Gulf.
PetroSun announced the execution of a Stock Purchase Agreement to acquire M&M Production & Operation, Inc and Independent Pipeline Corporation. The asset base includes 61 producing oil and gas wells located on 9,480.85 acres of Federal, State of New Mexico, Jicarilla Apache and Navajo Nation leases and a 26-mile 4 1⁄2 inch pipeline that runs from Ojo Encino, NM to Lybrook, NM. PetroSun closed the Stock Purchase Agreement with the issuance of 25,000,000 shares of restricted common stock and an agreement to retire any and all outstanding accounts payable.
John Havener was hired as the President of Eau Resources, a subsidiary of PetroSun. Mr. Havener brings extensive technological experience and a broad level of corporate oversight with over 25 years of leadership with companies ranging from multi-billion-dollar homebuilding and lending institutions, through deep-dive technology firms supporting the highest levels of research and development.
September / October
PetroSun announced the planned spin-off of wholly-owned subsidiary Torus TechWorks. The Company’s strategy is to drive its next phase of growth by consolidating technologies into the spin-off to allow for increased focus and engage symmetry in like technologies. The PetroSun shareholders of record as of the close of business on October 25, 2018 will receive a distribution of the common stock of Torus TechWorks.
Torus TechWorks initial technology asset is Eau Resources, whose focus is on the processing of oilfield production and frac water in the San Juan Basin (New Mexico) and the Permian Basin (Texas).
PetroSun announced that Sedona Equity Registrar & Transfer now represents the Company as its transfer agent; and that the Company is now FAST/DWAC eligible.
PetroSun announced that its subsidiary Arizona Energy Partners (AEP) has executed a Liquid Helium Supply Agreement with Uniper Global Commodities North America for helium molecules produced and processed by AEP from the PetroSun Golden Eagle Gas Field located in the Paradox Basin of Grand County, Utah. Uniper’s annual contract quantity approximates thirty-six million standard cubic feet of liquid helium.
PetroSun announced that its subsidiary, Arizona Energy Partners (AEP) has executed a Liquid Helium Supply Agreement with Praxair a wholly-owned subsidiary of Linde plc (NYSE: LIN; FWB: LIN), subject to the successful development of its Holbrook Basin, Apache County, Arizona helium resources and the construction and commissioning of its Oso Draw Helium Plant. The Oso Draw Helium Plant will be rated to process up to 240 million standard cubic feet of liquid helium per year.
For a complete review of the press releases, please go to our website at www.petrosun.us.
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.
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