PetroSun Hires Rig for Arizona Exploration Program

PetroSun has executed a Purchase Agreement with Mobile Equipment Services Company of Dewey, Oklahoma to acquire an automated top-drive drilling rig for its Arizona exploration program. The SR-35 will be remanufactured with a depth rating of 5,500 feet. PetroSun anticipates delivery within sixty days.

The Arizona exploration program includes the Holbrook Basin of Apache County that contains 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. The Dineh-bi-Keyah Field north of the Holbrook Basin in Apache County has produced in excess of 18,300,000 barrels of oil since 1969 from a reservoir depth of less than 3,000 feet. 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.

PetroSun obtained a 985,000-acre oil and gas lease from NZOG that includes targeted exploration prospects in the Holbrook Basin of Arizona and the San Juan Basin of New Mexico. The leasehold may be viewed on our website under the heading Prospects & Projects.