PHOENIX, ARIZONA – (Disclosure & News Service – October 30, 2018) – PetroSun, Inc (OTC PINK: PSUD) The Company announced today that the transaction to acquire M&M Production and Operation, Inc and Independent Pipeline Corporation has been completed. M&M and Independent Pipeline are now wholly-owned subsidiaries of PetroSun. The proposed transaction was previously announced on September 6, 2018.
M&M will commence a workover, maintenance and recompletion program during the month of November 2018 to increase production and revenues on the 9,480.85 leasehold in the San Juan Basin of New Mexico. The M&M and Independent Pipeline asset base includes:
- 61 producing oil and/or gas wells
- Federal, State of New Mexico, Jicarilla Apache and Navajo Nation leases
- 5,880.08 acres of Mancos Shale and Gallup sandstone rights, which include 10 current producing vertical Gallup sandstone wells and a duel completion Dakota/Gallup well
- 51 producing Picture Cliff / Chacra formation natural gas wells with Fruitland Coal PUD’s (proven undeveloped locations)
- Strategic 26-mile, 4 1⁄2 inch pipeline with 45-foot right of way
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