Current Chairman & CEO Gordon M. LeBlanc, Jr., will continue to serve as Chairman
PetroSun, Inc. also announces adoption of amended bylaws
PHOENIX, AZ / ACCESSWIRE / May 31, 2022 / PetroSun, Inc. (OTC PINK:PSUD) ("PetroSun" or the "Company") announced today that Dr. R. Gerald Bailey, who has served as a Director on the Company's Board since 2017, has agreed to join the Company as its Chief Executive Officer effective June 1. The Company also announced its adoption of amended and restated bylaws.
Gordon LeBlanc, Jr., who has served as the Company's Chairman, Chief Executive Officer and President since the founding of the Company in 2001 and who is responsible for assembling the Company's helium, oil and gas assets and other projects, will continue as Chairman. In that role, he will oversee the workings of the PetroSun Board and will guide the Company's strategic development.
Regarding the appointment of Dr. Bailey, Mr. LeBlanc stated, "I have spent more than twenty years developing PetroSun's core helium, oil and gas properties and opportunities. Today's commodity markets provide an unprecedented opportunity for the Company, and I believe this is the right time for someone of Dr. Bailey's experience to supervise PetroSun's operations and exploration and development activity. I look forward to remaining engaged in the development of the Company's strategy in my role as Chairman."
In response to his appointment, Dr. Bailey commented that, "I am pleased to accept this opportunity as CEO to lead the execution of the Company's business plan, and particularly the exploration and development of its core helium, oil and gas assets. I believe that de-risking these assets will drive value for PetroSun shareholders. These commodities and their reserves are strategically important for the U.S. economy and particularly for U.S. national security and energy independence."
Dr. Bailey has had a long and successful career in the energy industry, including service as Exxon's President of the Arabian Gulf region, where he supervised exploration and development activity in the Middle East and ultimately retired. Dr. Bailey has domestic and international experience in all aspects of the industry, both upstream and downstream. He has served on a number of industry boards and in executive management positions and is featured frequently in media appearances as an expert in energy issues. Dr. Bailey graduated with a B.S. in chemical engineering from the University of Houston.
Finally, the Company announced that the Board has adopted amended and restated bylaws for PetroSun, Inc. Mr. LeBlanc, Jr. stated, "The adoption of a new set of bylaws was long overdue, given the amount of time that had passed since our last review."
ABOUT PETROSUN, INC.
PetroSun, Inc. owns and operates projects that are prospective for helium, oil and natural gas production in the United States, and it has agreed to acquire prospective lithium mining concessions in Mexico. The Company holds mineral leases that are prospective for helium, oil or natural gas on over 282,000 gross acres in the Holbrook Basin of Arizona, in the Four Corners region of New Mexico and Colorado, and on approximately 26,800 gross acres in the Paradox Basin of Utah. The Company trades on the OTC Pink Sheets under the symbol "PSUD".
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 OTCMarket.com website.
Contact:
PetroSun, Inc.
2999 North 44th Street, Suite 620
Phoenix, Arizona 85018
480-425-4290
Website: www.petrosun.us
SOURCE: PetroSun, Inc.
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