PetroSun Announces Management Changes

Rhea-AI Summary

PetroSun, Inc. (OTC PINK:PSUD) has announced significant management changes. Gordon M. LeBlanc, Jr. returns as Executive Chairman, CEO, and President, effective immediately, following the departure of R. Gerald Bailey in November 2022. LeBlanc aims to enhance shareholder value through the company's helium leases in the Holbrook Basin. Concurrently, Christopher Hewitt will step down as Chief Financial Officer on April 13, 2023, after serving since December 2021. LeBlanc expressed gratitude towards Hewitt for his contributions. PetroSun holds extensive mineral leases, covering approximately 280,000 acres in the Holbrook Basin and over 26,000 acres in the Paradox Basin, focusing on helium and natural gas production.

Positive

• Gordon M. LeBlanc, Jr. returns to an executive role, providing potential leadership stability.
• Focus on developing helium leases in the Holbrook Basin may drive future shareholder value.

Negative

• Departure of Christopher Hewitt may create concerns regarding financial oversight continuity.

Gordon M. LeBlanc, Jr., currently Chairman, returns as Executive Chairman, Chief Executive Officer and President

PHOENIX, AZ / ACCESSWIRE / April 7, 2023 / PetroSun, Inc. (OTC PINK:PSUD) (the "Company") announced today the appointment of Gordon M. LeBlanc, Jr., who currently serves as Chairman of the Board, as Executive Chairman, Chief Executive Officer and President of the Company, effective immediately. The Company also announced other changes to management.

Regarding his return to an executive role, Gordon LeBlanc, Jr., stated, "Since the departure of R. Gerald Bailey as CEO in November 2022, the Company has lacked a senior corporate officer. By returning to an executive role, I intend to implement strategies to build shareholder value, particularly through development of PetroSun's prospective helium leases in the Holbrook Basin."

The Company also announced that Christopher Hewitt has provided notice of his intent to step down from his role as Chief Financial Officer, effective April 13. Mr. Hewitt had served as Chief Financial Officer since December 2021. Regarding Mr. Hewitt's departure, Mr. LeBlanc stated, "It has been my pleasure to work with Mr. Hewitt since he joined the Company in September 2021. We thank him for his service."

Mr. Hewitt commented, "I wish Gordon and PetroSun well. I appreciate the opportunity to have served as CFO of the Company."

ABOUT PETROSUN, INC.

PetroSun, Inc. owns significant leasehold acreage that is prospective in helium exploration and production in the Holbrook Basin of Arizona and prospective for natural gas and helium in the Paradox Basin of Utah. The Company holds mineral leases on approximately 280,000 gross acres in the Holbrook Basin and over 26,000 gross acres in the Paradox Basin. The Company trades on the OTC Pink Sheets under the symbol "PSUD".

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "project", "should", "will", "would", or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTCMarkets.com website.

Contact:

PetroSun, Inc.
2999 North 44th Street, Suite 620
Phoenix, Arizona 85018
480-425-4290
Website: www.petrosun.us

SOURCE: PetroSun, Inc.

View source version on accesswire.com:
https://www.accesswire.com/748085/PetroSun-Announces-Management-Changes

FAQ

What management changes were announced by PetroSun on April 7, 2023?

Gordon M. LeBlanc, Jr. has returned as Executive Chairman, CEO, and President, while Christopher Hewitt will step down as CFO effective April 13, 2023.

What are the goals of Gordon M. LeBlanc, Jr. in his new role?

LeBlanc intends to implement strategies to build shareholder value, particularly through the development of helium leases in the Holbrook Basin.

What does PetroSun's leasehold acreage consist of?

PetroSun owns approximately 280,000 gross acres in the Holbrook Basin and over 26,000 gross acres in the Paradox Basin, focusing on helium exploration and production.