Dallas, Texas, July 06, 2021 (GLOBE NEWSWIRE) -- 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 the acquisition of and preliminary production results of the Moller lease, located in Brazoria County, Texas. The lease is part of the Danbury Dome and is the Company’s second acquisition in its oil well recycling program project with partner Lazy Jacks Petroleum (“Lazy Jacks”). The Moller lease features two wells in addition to a saltwater disposal well.
“As of July 6th, the first Moller well is producing 20-22 barrels of oil per day,” said K. Bryce “Rick” Toussaint, CPA, MBA, Chairman and CEO of PSWW. “The second Moller well was a prolific gas well and we expect it to perform solidly when it is brought back online in the third quarter of 2021, at which point we anticipate that the Moller project will be producing a total of 80-100 barrels of oil and two to three million cubic feet of natural gas per day.”
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.
Principal Solar is finalizing its capital plan for the next 18 months of the Lazy Jacks development partnership program. Principal expects to complete 25 wells by the end of 2021 and an additional 75 by the end of 2022. Given the strong current price environment, the Company believes there is the possibility that its performance may accelerate.
“We have been and remain bullish on petroleum and natural gas prices for the near and medium-term future,” said Anthony Lerner, Chief Operating Officer and Director of Principal Solar. “Global demand for oil and gas is recovering quickly, and we believe supply and supply growth will remain constrained, thereby creating an ideal environment for our Lazy Jacks redevelopment program to thrive.”
About Lazy Jacks Petroleum
Located in Houston, Texas, Lazy Jacks' team has over 20 years of combined experience working in the Texas Oil Patch and specializes in brining orphaned wells back to economical production.
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.
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' 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.