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Current Price: 1.40
5 day expected 3.60
Jul 24, 2006 -- Petro Sun Drilling, Incorporated announced today that the company has entered into a Letter of Intent to acquire working interest in the Sibley Field of Webster Parish, Louisiana. The closing date of the transaction is scheduled for August 8, 2006, subject to the terms of an agreement with ALM Trust Properties, LLC and the Morgan Elizabeth Miles Trust.
The leasehold of approximately 1,000 acres includes four proven producing Pettit/Rodessa natural gas and/or oil wells and a minimum of fourteen proven undeveloped oil and natural gas locations as determined by the geological evaluation of well control data. The Pettit, Rodessa, Mooringsport and Paluxy are geological formations that produce oil and/or natural gas within the Sibley Field.
PetroSun will commence a development program targeting the Mooringsport and Paluxy oil reserves immediately after the closing of the acquisition.
Petro Sun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2006. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae. The Company's cutting edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, creates long term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona. For more information about PetroSun visit the company's website.
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