PetroSun Issues Helium Program Update and Announces Estimated Helium Reserves in Holbrook Basin of $4.7 Billion
PetroSun, Inc. announced partnerships with Exodus Energy and Pivot Point Energy for Oil, Gas, and Helium interests in the Central Holbrook Basin. Estimated helium reserves in the Concho Dome structure are 3.453 billion cubic feet, valued at $863 million. The adjacent structures hold 15.467 billion cubic feet, valued at $3.86 billion. Plans for a helium processing plant and drilling in 2024 are underway.
Partnerships with Exodus Energy and Pivot Point Energy provide opportunities for revenue generation in the Central Holbrook Basin.
Estimated helium reserves in the Concho Dome structure are significant at 3.453 billion cubic feet, with a value of $863 million.
The adjacent structures hold 15.467 billion cubic feet of helium reserves, valued at $3.86 billion.
Plans for a helium processing plant and drilling activities in 2024 indicate a commitment to commercializing the helium reserves.
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PHOENIX, AZ / ACCESSWIRE / May 13, 2024 / PetroSun, Inc (OTC PINK:PSUD) (the "Company") announced today two separate transactions that provided assignments of Oil, Gas and Helium working interests in the Central Holbrook Basin to Exodus Energy, Inc and Pivot Point Energy, Inc. The working interest covers 11,430.53 acres of ASLD leases, subject to the working interest partners respective participation.
The working interest acquired by the parties totals seventy-five percent (
The Central Holbrook Basin and the leases subject to the above transactions are associated with structures that have been drilled by PetroSun or its subsidiaries and are proven to contain commercial concentrations of helium. The helium concentrations within the gas streams peaked at
The Sproule Report on the adjacent Central Holbrook cluster of structures contained within the leasehold were stated to have recoverable helium reserves of 15.467 billion cubic feet based on a stochastic evaluation. The lower-case gross economic value of these structures would exceed
PetroSun CEO Gordon LeBlanc, Jr stated, "My primary purpose on returning to the Company a year ago was to bring PetroSun into revenue generating status. It has been a 30-year journey in the Holbrook Basin and I am grateful to now bring in partners that can cause the commercialization of the gas that would not burn on a July 4th more than two decades ago. Exodus Energy has committed to acquiring and commissioning a helium processing plant, subject to the flow-testing and gas composition analysis of existing wellbores. Both parties have also committed to the drilling of helium development wells during 2024 and beyond, subject to successful efforts. Operational updates will be provided on a regular basis during the next 90 days."
"Finally, it is personally painful to not have Chris Sumner and John Templin with us to witness all of our combined efforts and sacrifice to see this project enter this long-desired phase of operations. No doubt that you are with us in spirit."
About PetroSun
PetroSun, Inc. is a fully integrated energy and mining business focusing on Lithium, Zeolite Clays, Rare Earth Elements, Mine Tailings, Helium, Natural Gas and Water Processing through the use of cutting-edge technologies, a broad portfolio of assets and leases, and a management team with decades of research, development, and production experience. PetroSun is vertically integrated with control of all aspects of the business from exploration and production to delivery to end users, providing customers direct customized solutions and shareholders maximum returns by participating in profitability at each stage in the supply chain.
PetroSun, Inc. owns significant leasehold acreage that is prospective for helium exploration and production in the Holbrook Basin of Arizona and 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 Pedregosa Basin of Arizona and over 26,000 gross acres in the Paradox Basin. PetroSun's greatest assets are its shareholders, partners, advisors, employees, and its patented and proprietary technologies. We seek to provide global solutions to some of the most critical challenges the world faces today and into the future.
The Company trades on the OTC Pink Sheets under the symbol "PSUD".
For additional information:
Contact PetroSun at mallison@petrosun.us
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 OTC Market.com website. Contact: PetroSun, Inc. 2999 North 44th Street, Suite 620 Phoenix, Arizona 85018 480-425-4290; Website: www.petrosun.us.
SOURCE: PetroSun, Inc.
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