PetroSun Announces a $2.5 Million Farmout Agreement With Pivot Point Energy, Inc. Including Holbrook Basin Targets of Helium, Oil and Natural Gas [Yahoo! Finance]
PETROSUN INC (PSUD)
Company Research
Source: Yahoo! Finance
with Pivot Point Energy, Inc covering approximately 207,663 acres located in the Holbrook Basin of Navajo and Coconino counties. A previous agreement with the Company covering this acreage was dated May 18, 2023 with JAYD Ventures LLC and has been in default and was terminated on April 30, 2024. The terms and conditions of the Pivot Point Energy Farmout Agreement provides PetroSun with a $2,500,000 leasehold fee payable on or before June 12, 2024, a drilling commitment of two test wells based on seismic and a carried twenty-five percent working interest on the two test wells and the initial three development wells. Pivot Point Energy will receive a seventy-five percent working interest participation covering the approximately 207,663 acres, a three-year extension of the base lease that is payable by PetroSun from the leasehold fee and an Area of Mutual Interest (AMI) that extends three miles from any lease line. The primary resource target on the North and South Winslow 207,663-
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Sec Filings
- 8/19/24 - Form 144/A
- 8/15/24 - Form 144
- PSUD's page on the SEC website