DALLAS, TEXAS, June 23, 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 announced that PSWW has entered into a Partnership Agreement (“The Agreement”) with Aramis, LLC (“Aramis”) to rework 8 oil wells in Caldwell County, TX. Caldwell County, 120 miles inland from the Gulf of Mexico in south central Texas, is bordered by Bastrop, Fayette, Gonzales, Guadalupe, Hays, and Travis counties. Lockhart, the county seat, is at the intersection of U.S. Highway 183 and Farm Road 20, thirty miles south of Austin and seventy miles northeast of San Antonio.
“We are excited to enter into this partnership with Aramis LLC. The south-central Texas area is rich with proven undeveloped and underdeveloped oil and gas resources. There are thousands of wells in south central Texas that have exploitable oil and gas. This partnership joins us with an experienced operator and workover specialist, expands our footprint and gives us room to grow,” said Tony Lerner, COO of Principal Solar.
Per the Agreement, Principal Solar will reimburse certain lease costs and fund agreed upon well workover expenses to initiate the project. Per the Agreement, PSWW and Aramis will initially have an equal 50% / 50% equity share in the oil leases. Funding is anticipated to commence prior to June 30, 2022.
https://www.globenewswire.com/news-release/2022/06/23/2467920/0/en/PRINCIPAL-SOLAR-ENTERS-PARTNERSHIP-AGREEMENT-WITH-ARAMIS-TO-REWORK-8-WELLS-IN-CALDWELL-COUNTY-TEXAS.html