$PSWW Principal Solar Commences Orphan Well Redeve
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Posted On: 03/16/2021 8:57:22 AM
$PSWW Principal Solar Commences Orphan Well Redevelopment Project
https://www.otcmarkets.com/stock/PSWW/news/st...id=1839544
Newsfile Corp.
Newsfile Corp
First Project Under Long-term Oil and Gas Development Agreement with Lazy Jacks Petroleum, LLC
Dallas, Texas--(Newsfile Corp. - 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."
https://www.otcmarkets.com/stock/PSWW/news/st...id=1839544
Newsfile Corp.
Newsfile Corp
First Project Under Long-term Oil and Gas Development Agreement with Lazy Jacks Petroleum, LLC
Dallas, Texas--(Newsfile Corp. - 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."
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