PetroSun Acquires ETC Energy
PetroSun Drilling Inc. said that the company has acquired ETC Energy, LLC. The terms of the transaction include a purchase price of 250,000 shares of PetroSun Drilling restricted common stock and naming Earl Thomas Conley as president of ETC Energy.
Under Conley's stewardship, ETC Energy will undertake several initiatives designed to enhance relations within the Native American community. The company will seek to establish joint ventures within Native American lands to develop natural resources that include oil, natural gas, and wind power. ETC Energy plans to create employment opportunities and increase royalty revenue within native lands as a key part of their endeavors.
ETC Energy will also assist PetroSun subsidiary Algae BioFuels in the negotiations for a potential location for a biodiesel production facility and refinery within native lands. According to PetroSun, algae cultivation as an energy source is an economically feasible and eco-friendly alternative to petroleum-based transportation fuels.
PetroSun'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.