PetroSun, Incorporated (PSUD.PK) Completes Funding for 70 Percent Working Interest in the Canning Basin of Australia
PetroSun, Incorporated (PSUD.PK) reports that it has completed the initial funding requirements of the Exploration Permit 442 Farmin Agreement with New Standard Exploration NL of West Perth, Western Australia. The financial terms included a cash payment of one hundred thousand dollars US to New Standard NL. PetroSun will be assigned a 70% working interest in the Canning Basin permit as the sole funder of the drilling, testing and completion costs of the initial three test wells. PetroSun will be responsible for seventy percent and New Standard NL thirty percent of the costs on all subsequent wells drilled on the farmin leasehold.…