Board approves the Company's largest exploration and development program to date.
Dr. Gerald Bailey Appointed CEO
Company founder Mr. Gordon LeBlanc continues as Chairman.
Recapitalization of $15 million involving stock purchase and debt conversion agreements.
Golden Eagle Acquisitions
Completed acquisition of entities holding and operating leases prospective for natural gas and helium in the Golden Eagle Gas Field in Grand County, Utah..
Holbrook Basin Exploration
Commenced drilling operations on the Manuel Seep structure 15 miles to the East of the Concho Dome (MS 2-1 well). Expected completion in the fourth quarter of 2021.
Expansion to Lithium Mining Concessions
Acquisition of four additional mining concessions of 1,044 hectares contiguous to existing concessions in San Judas reserves, Mexico.
Golden Eagle Gas Analysis Report
Golden Eagle Paradox Basin well #3 - concentrations peaked at 1.64%, with methane concentrations of up to 80.86%. The PB3 well was perforated in the Upper Ismay within a 42-foot drilling break encountered when the well was drilled. The Lower Ismay had previously been tested and recorded a 1.03% helium concentration with 69.7% methane concentrations.
Holbrook Basin Six-well Program
Drilling of the Manuel Seep 2-1 (AZOGCC Permit 1216). The MS 2-1 well-site is on the Manuel Seep structure and will be focused on select helium bearing formations.
Recompletion Operations - Golden Eagle
The Recompletion Program resulted in a successful operation. The well passed its mechanical integrity test and demonstrated a noticeable increase in pressure (3900 psi) from the Lower Ismay perforations. This zone has tested up to 2.8% helium concentration on the Golden Eagle leasehold.
Lithium Testing Sampling
Extended near surface sampling and analysis at the San Judas and San Judas II sites with completion of a number of 150-foot test cores. The testing indicated lithium concentrations of approximately 1,763 parts per million (ppm) within an estimated 136,444,240 tons of zeolite clay deposits.
Lease Acquisitions - Holbrook Basin
PetroSun has acquired 3,860.1 acres of oil, gas and helium leases on the Chambers Anticline located in the Holbrook Basin of Apache County, Arizona. The Chambers Anticline is located approximately twelve miles east of the Pinta Dome Helium Field.
Lease Acquisitions - Holbrook Basin
PetroSun has acquired 5,426.39 acres of oil, gas and helium leases on the East Taylor Anticline located in Apache and Navajo counties in the Holbrook Basin of Arizona. The East Taylor Anticline is located approximately five miles to the southwest of the Manuel Seep Anticline.
Investment in Lithium Mining Company
The Company, through its subsidiary Teche Mining, LLC, entered an agreement to acquire a 77.5% interest in Compania Minera La Meseta, which holds the San Judas and San Pedro mining leases.
Analysis Reports - Holbrook Basin
Gas analysis reports received from Wyoming Analytical Laboratories for the AEP 16-1 (Holbrook Basin, Arizona) contained helium concentrations ranging from 5.06 to 5.99 percent during the final phase of testing.
Analysis Reports - Golden Eagle
Concentrations recorded from the three existing wells: Paradox Basin 1 (2.82%), Paradox Basin 2 (2.21%) and Paradox Basin 3 (1.03%).
Lease Expansion - Holbrook Basin
The Company assigned an additional two and one half percent (2.5%) working interest and a corresponding two percent (2%) net revenue interest in certain private oil, gas and helium rights in Navajo County, Coconino County, and Apache County, Arizona
PetroSun is in the business of exploration and production of helium and natural gas in the Southwest region of the United States. Management is focused on creating long-term value for stockholders and fostering a culture that is steadfast on environmental sustainability, operational safety, social responsibility, and sound corporate governance.
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