The leasehold of approximately 1,000 acres includes four proven producing Pettit/Rodessa natural gas and/or oil wells and a minimum of 14 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.
Phoenix-based 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.
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