First Project Under Long-term Oil and Gas Development Agreement with Lazy Jacks Petroleum, LLC
DALLAS, TEXAS, March 16, 2021 – — Principal Solar, Inc. (OTC Pink: PSWW) (“Principal” or “the Company”), a strategic investor in and acquirer of organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in and acquirer and operator of undervalued petroleum-producing properties, today announced that the Company has begun the first of its orphan well redevelopment projects in conjunction with Lazy Jacks Petroleum, LLC (“Lazy Jacks”). Known as the Danbury Dome in Brazoria County, Texas, the project is comprised of five oil wells, one natural gas well, and one salt water disposal well.
“This is the first project in what we expect to be a multi year relationship with Lazy Jacks,” said Anthony Lerner, COO of Principal Solar. “The Danbury Dome project has all the characteristics that we love about our relationship with Lazy Jacks, in that we are ‘recycling’ old, unwanted orphaned wells, and rather than plugging them, we are extracting additional oil and gas without drilling new wells, thereby saving expense and environmental impact.”
Principal estimates the total project cost to be approximately $450,000. The Company anticipates 2-3 weeks of site clearing and preparation, tank installation, well rehabilitation, and testing prior to bringing the production wells and salt water disposal well back online by early April of 2021. Principal Solar is optimistic that the project will begin to produce revenues for the Company in April or May of 2021.
“This project will show that our redevelopment approach is the wise choice,” said Christopher Scully, Advisory Board Member of Principal Solar. “With proven, developed resources onsite, we believe the Danbury Dome project is low cost, low risk, and environmentally friendly.”
About Principal Solar
Principal Solar is a strategic investor in and acquirer of organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties.
For further information, please visit the Company’s website at www.pswwenergy.com.
About Lazy Jack Petroleum
Located in Houston, Texas, Lazy Jacks’ team has over 20 years of experience working in the Texas Oil Patch and specializes in bringing orphaned wells back to economical production.
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The statements contained in this news release which are not historical facts may be “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe PSWW’ hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond PSWWs’ control, will affect actual results. PSWW undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with PSWWs’ most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by PSWW.
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K. Bryce “Rick” Toussaint, CPA, MBA
Chairman and Chief Executive Officer
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