PetroSun to Launch Arizona Exploration Program
PetroSun, Inc. and its joint venture partners will commence the drilling of the initial Holbrook Basin prospects during March of 2007. The PetroSun leasehold includes 985,000 acres of oil and gas mineral rights in Arizona and New Mexico.
The Holbrook Basin of Apache County, Arizona contains the former helium producing fields Pinta Dome, Navajo Springs and East Navajo Springs and promising indications of oil, natural gas, helium and CO2 from exploration wells drilled within the basin. Some strata in the Holbrook Basin are similar in age and character to rocks found in the prolific Permian Basin of West Texas. Salt and reefs are also present in the Holbrook and Permian basins.
The Dineh-bi-Keyah Field located in Apache County, Arizona on the Navajo Nation has produced in excess of 18,300,000 barrels of oil since 1968. The initial production rate of individual wells was as high as 3,300 barrels of oil per day. The #4 Navajo well has produced more than 3.5 million barrels of oil since it was drilled in 1967.
The Company plans to provide live feeds of drilling operations on its website that will enable our shareholders to view the exploration process from start to completion.
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.
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