Seven of Eight Wells Meet Accepted Criteria for Stripper Well Status; Project Goal is to Recomplete All Eight Wells in Caldwell County, Texas, Potential Expansion in Central Texas
DALLAS, TEXAS, July 12, 2022 (GLOBE NEWSWIRE) -- Principal Solar, Inc. (OTC Pink: PSWW) ("Principal" or "the Company"), a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in and operator of undervalued petroleum-producing properties, today provided an operational update regarding its recent partnership with Houston-based Aramis, LLC ("Aramis"). The two companies entered into a partnership agreement in June of 2022 for the purpose of reworking eight (8) wells in Caldwell County, Texas.
"As of July 12, 2022, seven of the eight wells we're reworking with Aramis have been brought up to stripper production status*," said Anthony Lerner, Director and Chief Operating Officer of Principal Solar. "We anticipate all eight wells will be returned to production, at which point we intend to work with Aramis to identify additional wells with production potential in the Luling and Central Texas areas."
A variety of factors contribute to overall well production performance, including initial well pressures, equipment testing and operational status, and the tested quality/acceptability of the oil produced. Additional details, including normalized production rates and the wells' anticipated financial performance, are expected to be made available once the initial evaluation periods are complete.
About Aramis, LLC
Aramis LLC is a private oil and gas production company with its sole focus on developing conventional onshore oil and gas production in Texas. Aramis has a complete technical and operations team based in Houston and is constantly reviewing conventional low-risk oil development projects to increase its reserves and grow production.
Mr. Omar Minhaj, the managing member of Aramis, is a highly skilled and motivated entrepreneur focused on building startup ventures in the Oil and Gas sector, having raised multiple millions in equity and debt capital for oil and gas projects. He offers deep experience in domestic and international land leasing and contract negotiations.
About Principal Solar
Principal Solar is a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an operator of undervalued petroleum-producing properties.
For further information, please visit the Company's website at .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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's 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 PSWW's 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 PSWW's most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by PSWW.
*For tax purposes, a stripper well is defined as any oil or natural gas well property whose maximum daily average oil production does not exceed 15 BBLS of oil, or any natural gas well whose maximum daily average gas production does not exceed 90 MCF per day, during any 12-month consecutive time period.
Principal Solar Contact
K. Bryce "Rick" Toussaint, CPA, MBA
Chairman and Chief Executive Officer
kt@pswwenergy.com
214.885.0032
Investor Relations Contact
Michael Briola
invest@pswwenergy.com
