Principal Solar Updates Funding and Production Status of Initial Danbury Dome Project Oil Wells
Initial Production of 60 Barrels of Oil per Day Greater Than Anticipated; Recompletion of Second Production Zone Expected to Add Additional Production
Dallas, Texas--(Newsfile Corp. - April 20, 2021) - Principal Solar, Inc. (OTC Pink: PSWW) ("Principal" or "the Company"), a strategic investor in and acquirer of 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 its initial seven well Danbury Dome project with Lazy Jacks Petroleum, LLC ("Lazy Jacks") will be fully funded by May 1, 2021.
Additionally, the Company provided the following update regarding the Danbury Dome project's production status:
- Greater than anticipated first well initial production of approximately 60 barrels of oil per day
- A second production zone on the first well is currently being recompleted and is expected to add additional production
- The balance of the initial project wells are expected to be operational by May 1, 2021
- Onsite wastewater disposal well is fully operational, mitigating environmental impact
- The Company is evaluating two additional projects with Lazy Jacks and expect to move forward in the near future.
"The second well in the Danbury Dome project came online last week, and initial production is promising," said K. Bryce "Rick" Toussaint Chairman and CEO of PSWW. "With solid oil production, very low capital expense, and the low production costs we've experienced thus far, we remain confident in our oil well recycling program project with Lazy Jacks. Anthony Lerner, Chief Operating Officer of PSWW added, "Our team is very satisfied with the initial results of our first project with Lazy Jacks and is already looking forward to getting started on our second and third projects together."
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 Principal Solar
Principal Solar is a strategic investor in and acquirer of 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.
Principal Solar Contact
K. Bryce "Rick" Toussaint, CPA, MBA
Chairman and Chief Executive Officer
Investor Relations Contact
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80950