PetroSun, Incorporated (PSUD.PK) today provided a status report update on its oil and gas operations to include:
Muslow #1, Caddo Parish, Louisiana
The Muslow #1 sold its initial production of approximately 180 barrels of crude oil on June 29, 2007. The well continues to produce 13-15 barrels of oil and 50-60 thousand cubic feet of gas per day. A development well will be drilled in the near future on the 2,961 acre lease.
Sibley Field, Webster Parish, Louisiana
Gross production from the Holley #1D, Burson #1 and the Connell #1 for the month of June was reported to be 1,827 mcf of gas and 21.71 barrels of oil.
Exploration Permit 417 Canning Basin, Western Australia
PetroSun and New Standard Exploration principals met last week in Scottsdale, Arizona to finalize a drilling prognosis and initiate preliminary operations for the Lanagan A test to be drilled prior to December 2007. Mark Hagan, Operations Manager and Petroleum Geologist for the PetroSun / New Standard Exploration Joint Venture will be conducting a location inspection on the Lanagan A and meeting on matters related to the Heritage Survey during mid-July.
The Lanagan A is a seismic generated prospect covering approximately 10,000 acres with potential recoverable crude oil reserves in excess of 50 million barrels. The EP 417 contains 6,300 square kilometers (approximately 1.5 million acres) within the permit boundaries.
PetroSun’s current oil and gas operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, 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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