PetroSun and New Standard will form a joint venture to explore, develop and produce oil and/or gas from EP417. PetroSun is the designated Manager/Operator and will be assigned a 75% working interest in the permit for the initial consideration of A$5,000,000 through PetroSun's sole funding of exploration, permit development and drilling.
The initial test well is scheduled to be drilled on the Lanagan Prospect prior to June 30, 2007 to a maximum depth of 2,500 meters. The Lanagan Prospect is a seismic generated prospect covering 10,000 acres with potential recoverable crude oil in excess of 50 million barrels.
The Spinifex and Lawford Prospects are also seismic generated prospects located within EP417. The Spinifex Prospect covers 20,000 acres with potential recoverable crude oil volumes exceeding 100 million barrels. The 40,000-acre Lawford Prospect is also graded at 100 million barrels of potential recoverable crude oil.
The EP417 contains 6,300 square kilometers (approximately 1.5 million acres) within the permit boundaries. PetroSun will be posting information on EP417 on its website at www.petrosuninc.com under Prospects & Projects.
PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2007. 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.
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