PetroSun Inc (OTCMKTS:PSUD) Stock Gains After Agreement to Process Future Helium Production
On Wednesday, PetroSun Inc (OTCMKTS:PSUD) was in focus after the company announced the signing of a significant new agreement. The company announced that it had agreed on a framework by way of which some wells which may be drilled at its leaseholds, in the Holbrooke Basin, could be marketed to processing plants belonging to third parties.
On Wednesday, PSUD stock soared 7.14% to $0.1500 with more than 127.63K shares, compared to its average volume of 77.29K shares. The stock moved within a range of $0.1295 – 0.1517 after opening trade at $0.1295.
PetroSun Announces Agreement to Process Future Helium Production
As per the provisions of the agreement, PetroSun would have the option of delivering the commercial helium that it discovers to the processing facility at McCauley of Desert Mountain Energy. Any sales would have to be approved by Desert Mountain Energy and that would depend on a number of considerations including available processing capacity and gas composition among others.
Chris Hewitt, who is the Chief Financial Officer of PetroSun, spoke about the merits of the latest agreement. He noted that the arrangement would allow the company with an interim solution with regards to bringing the helium it discovers from its commercial reserves to the market.
Once agreement is reached between the parties with regards to terms and pricing, the company would be able to transport the gas volumes as and when required. It is going to be interesting to see if there is a move in the PetroSun stock today.