PetroSun Acquires Sibley Field Interests
PetroSun, Incorporated said that the company has completed the acquisition of the ALM Trust Properties, LLC working interest in the Sibley Field of Webster Parish, Louisiana. The Sibley Field assets acquired by the Company include five producing gas wells and numerous proven undeveloped locations.
PetroSun will cause the implementation of a plan of operation to commence the development of the Pettit gas and Paluxy oil proven undeveloped locations during the first half of 2007. The Company will also conduct a review of the existing producing wells and other wellbores on the leasehold to determine whether additional production can be obtained from remedial workovers or recompletions.
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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