PHOENIX, ARIZONA – (Disclosure & News Service – October 30, 2018) – PetroSun, Inc (OTC PINK: PSUD) The Company announced today that the transaction to acquire M&M Production and Operation, Inc and Independent Pipeline Corporation has been completed. M&M and Independent Pipeline are now wholly-owned subsidiaries of PetroSun. The proposed transaction was previously announced on September 6, 2018.
M&M will commence a workover, maintenance and recompletion program during the month of November 2018 to increase production and revenues on the 9,480.85 leasehold in the San Juan Basin of New Mexico. The M&M and Independent Pipeline asset base includes:
? 61 producing oil and/or gas wells
? Federal, State of New Mexico, Jicarilla Apache and Navajo Nation leases
? 5,880.08 acres of Mancos Shale and Gallup sandstone rights, which include
10 current producing vertical Gallup sandstone wells and a duel completion
Dakota/Gallup well
? 51 producing Picture Cliff / Chacra formation natural gas wells with Fruitland
Coal PUD’s (proven undeveloped locations)
? Strategic 26-mile, 4 1/2 inch pipeline with 45-foot right of way
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
