Principal Solar Provides Aramis Partnership Eight Well 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.
https://www.globenewswire.com/news-release/2022/07/12/2478197/0/en/Principal-Solar-Provides-Aramis-Partnership-Eight-Well-Rework-Project-Operational-Update.html