PetroSun to Introduce Algal Oil Working Interest Program
PetroSun, Inc. announced today that its Board of Directors has approved an Algal Oil Working Interest Program to fund in part the commercialization of its domestic algae-to-biofuel farm systems. The initial Algal Oil Working Interest Program will focus on converting aquaculture farm ponds located within Texas, Mississippi, Louisiana, Alabama and Arkansas to commercial algae farm systems. The algae biomass harvested from these farm systems will be processed into biodiesel, aviation fuel, animal feed and other products.
PetroSun BioFuels, Inc, a wholly owned subsidiary of PetroSun, Inc., has been actively working with Biomass Partners, LLC during the past six months to establish a commercially scaled inventory of existing and former catfish farm ponds within the Mississippi River Delta Region. The Algal Oil Working Interest Program will assist in expediting the conversion of these ponds to algae cultivation. The aquaculture pond owners will benefit financially through a royalty payment program on produced algal oil and algae biomass feedstock.
The Algal Oil Working Interest Program was designed by PetroSun to attract the funding required to place the algae-to-biofuel systems into commercial operation, just as the working interest in oil and gas drilling and completion has been successfully utilized for decades. However, despite these similarities, there is a significant difference in the production of algae versus that of oil and gas. Algae production is renewable and sustainable, whereas oil and gas reserves deplete and the wells are eventually plugged and abandoned.
The Algal Oil Working Interest Program will be available for accredited investors only. A prospectus will be provided to qualified parties upon request to petrosun@cox.net.
PetroSun, Inc. is a diversified energy company with technology and operations in the commercialization of algae-to-biofuels, microbial enhanced oil recovery, oil and gas exploration and development and oilfield pipe and supply. More information.
