PHOENIX, ARIZONA—(Disclosure & News Service – July 5, 2017) – PetroSun, Inc (OTC PINK: PSUD) announced today the following modified schedule of operations for the second half of 2017.
Holbrook Basin Helium Development Program
The drilling timetable for the permitted helium development wells has been modified due to the arrival of the monsoon season in Arizona. The planned basement (4,000 feet or greater) helium development wells will require an extensive timeframe for the testing operations and the concern for potential flooding and lightning will delay these wells until the early fall of this year. However, the drilling of the shallower Permian (2,000 feet) helium development wells will be drilled as planned this summer.
The thirteen potential Permian helium zones identified in the NZOG 17-1 well on the flank of the Concho Dome should be encountered and tested during the drilling of the planned shallower Permian wells. These Permian zones contained helium concentrations ranging from 4.8% to 9.3% per gas stream analysis conducted by Wyoming Analytical Laboratories. A contingent helium resources report was also issued by MHA Petroleum Consultants based on the results of a flow test conducted on one Permian zone in the NZOG 17-1. The report stated contingent helium resources of up to 2.29 billion cubic feet within the single zone that was flow-tested, but recommended additional development drilling to expand and upgrade the potential helium resources.
The purpose of the deeper basement drilling program (4,000 feet or greater) is to fully evaluate the Pennsylvanian and Devonian sections for potential crude oil and natural gas reserves. Prior drilling in the Holbrook Basin has encountered strong shows of crude oil and natural gas by multiple exploration firms. Additionally, the granite will be penetrated to determine if there is a deeper source of potential helium resources.
PetroSun will provide video and photos on its website during the drilling and completion operations to allow our shareholders the opportunity to witness in real-time the helium development program.