PetroSun has completed a review of its helium and natural gas exploration and development program and has received approval from the Company’s Board of Directors to proceed with exploratory and developmental drilling activity.
The Company, which owns leases in the Holbrook Basin of Arizona, the Four Corners Basin of Colorado and New Mexico, and the Golden Eagle Gas Field in Utah’s Paradox Basin, has engaged Seidel Technologies (“Seidel”) to prepare and execute the development program. Seidel will serve as the general contractor, providing engineering and project management. The Company’s Head of Field Operations, Mr. Christopher Sumner, will oversee and advise Seidel in this work. Selected targets for drilling and re-completions of existing wells are located in the Holbrook Basin and the Paradox Basin.
PetroSun CEO Dr. Gerald Bailey commented that, “After dedicated effort over a number of years by the Company’s Founder and Chairman of the Board, Mr. Gordon LeBlanc, Jr., the Board has approved the Company’s largest exploration and development program to date. All of the selected drilling locations are prospective for helium, and the Company’s Golden Eagle properties are also expected to produce natural gas. Helium is a vital element for both the energy and commercial sectors and also a strategic element for national security.”