PetroSun Acquires Interest in Australian Drilling Companyadmin
PetroSun, Incorporated announced that the company has reached an agreement with Tiger Energy that assigns a fifty percent interest in Icon Drilling Pty, Ltd, an Australian entity, to PetroSun for the assumption of a $5.0 million obligation for the purchase of a drilling rig and associated equipment. Icon Drilling is a wholly owned subsidiary of Icon Energy Limited, an Australian public company that trades under the symbol ICN on the Australian Stock Exchange.
Icon Drilling is under contract with Gallagher Engineering to manufacture a Gallagher HDD 450 drilling rig that is capable of reaching depths to 10,000 feet. The drilling rig will be based in Brisbane, Australia, and is scheduled for completion during the second quarter of 2007. PetroSun will open an office within the headquarters of Icon Drilling during the first quarter of 2007.
“The acquisition of interest in Icon Drilling and the Gallagher HDD 450 vertical drilling rig will allow PetroSun to generate revenues from contract drilling and participate in seismic generated prospects in the Cooper Eromanga Basin and the Surat Basin of Queensland,” said Rayfield Wright, President of PetroSun. “Furthermore, the agreement with Gallagher grants options on two additional drilling rigs that will allow PetroSun to expand its drilling and exploration operations with Icon and other joint venture partners in Queensland and Western Australia.”
PetroSun’s current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2006. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae. The Company’s cutting-edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, creates long-term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona. For more information about PetroSun, visit the company’s website at http://www.petrosun.us.
Except historical matter contained herein, matters discussed in this news release are forward-looking statements and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties, which may affect the Company’s business and prospects and cause actual results to differ materially from these forward-looking statements.
Contact: PetroSun, Inc. Investor Relations Email Contact