PHOENIX, ARIZONA—(Disclosure & News Service – May 12, 2017) – PetroSun, Inc (OTC PINK: PSUD) announced today that the Company has acquired a fifty percent interest in Noble Gas Partners, LLC, a Delaware limited liability company. The interest position was acquired with eighteen million shares of Company common stock at a stated value of $2,700,000 per the terms of the agreement.
PetroSun and Noble Gas have formed an affiliate, United Gas of North America, LLC, an Arizona limited liability company, whose purpose is to transport and distribute processed helium via an independent distributor of gaseous helium currently under an acquisition agreement to Noble Gas. United Gas will base its operations near the AEP cryogenic helium purification plant in the Holbrook Basin. The AEP Oso Draw Helium Plant is scheduled to commence operations during Q2 of 2018. Arizona Energy Partners, LLC (AEP) is an affiliate of PetroSun.
United Gas will transport and distribute gaseous helium to the Southwest and West Coast regions of the United States. The Offtake Agreement provides United Gas a forty percent allocation of the Oso Draw Helium Plant production or approximately 83 million cubic feet of helium per year. Arizona Energy Partners is currently in negotiations with several major industrial gas companies on the balance of the processed helium (60% or approximately 125 million cubic feet per year). In the event that an Offtake Agreement is not reached with one or more of these parties, United Gas has the option to distribute the excess helium into the marketplace.
Dr. Jerry Bailey, former President of Exxon Arabian Gulf, will serve as CEO of United Gas of North America.
PetroSun, Inc. 480-425-4290