PetroSun, Incorporated (PSUD.PK) reports that the Muslow #1 well has been producing during the month of June from the Paluxy formation at the rate of 15 barrels of oil and 50,000 cubic feet of gas per day. Division orders for oil and gas production payments have been executed by PetroSun as a working interest owner.
The Muslow #1 is located in Section 5, Township 20 North, Range 15 West of Caddo Parish, Louisiana.
The operator and working interest partners will be determining in the near future the location and targeted depth of the initial development well on the Muslow tract.
PetroSun’s current oil and gas operations are concentrated in the Ark-La-Tex region with plans to expand into Arizona and Australia in 2007. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae.
PetroSun is headquartered in Phoenix, Arizona with field offices in Shreveport, Louisiana and Opelika, Alabama.
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