PHOENIX, ARIZONA—(Disclosure & News Service – June 7, 2017) – PetroSun, Inc (OTC PINK: PSUD) announced today that the Offtake Agreement between Arizona Energy Partners and United Gas of North America, LLC has been modified to include the balance of the unallocated molecules of processed helium from the Oso Draw Helium Plant. PetroSun holds a fifty percent interest in United Gas of North America from a previously announced transaction that occurred on May 12, 2017.
The Oso Draw Helium Plant is scheduled to be commissioned during the 2Q of 2018 and is rated to produce up to 208 million cubic feet of helium per year of liquefied helium (99.999). This calculation assumes a six percent helium concentration within the gas stream. The five helium bearing formations tested to date have ranged from 4.8% to 9.3% helium concentrations by gas analysis performed by Wyoming Analytical Laboratories.
United Gas will transport and distribute the processed helium within the United States, focusing initially on the Southwest and West Coast markets. The company intends to expand its marketing staff to include a limited number of qualified helium brokers linked to end-users of helium. PetroSun and its affiliates are in a unique situation in that they control the helium molecules from production to processing thru distribution, thereby allowing for a competitive edge in the marketplace.
The recent announcement of the dispute between Saudi Arabia, the UAE and Qatar threatens to disrupt helium supply from Qatar and could have implications to US helium production from the BLM Pipeline & Storage System. The current helium development program of PetroSun and its affiliates is designed to provide adequate helium production, subject to successful efforts, to support an additional helium processing plant rated at 208 million cubic feet of helium per year of liquid helium.
PetroSun, Inc. 480-425-4290