Patented, "Green" Tertiary Recovery Technology can potentially enable once-presumed, non-economical wells to achieve returns; company and investors to share in profits realized from recovered oil
Dallas, Texas--(Newsfile Corp. - February 17, 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 provided additional details regarding its exclusively licensed, globally-patented TORS™ oil recovery technology and the integrated business model with which it intends to deploy it.
"The TORS™ is a relatively simple, low maintenance, low-power, completely self-contained solution to lift oil to the surface, leaving virtually all contaminated water in the formation where it belongs," said Anthony Lerner, PSSW's Chief Operating Officer. "Our system is therefore potentially able to avoid what has long been an unavoidable, expensive, and toxic barrier to achieving meaningful economical returns from marginal and otherwise economically-distressed wells."
Due to inherent limitations of currently available artificial oil recovery systems, high-powered pumps typically bring both oil and contaminated water to the surface where the water is separated and returned back into a well. This process is energy- and maintenance-intensive, costly, requires significant dedicated infrastructure, and has the potential to leak or spill, resulting in environmental damage and expensive remediation. Our preliminary research and testing indicate that "The TORS™" has the potential to work on thousands of dormant and marginal wells.
"The TORS™ is elegant, simple, and can even be off-grid powered with solar. It's completely self-contained, clean in that it leaves virtually all "dirty water" in the ground, and best of all, initial tests have shown the TORS™ to be extremely economical, both from a capex and operational perspective."
The TORS™ solution was developed and patented by Oklahoma-based Tokata Oil Recovery Systems and has been in development since the early 2000s. The system is comprised of a down-well apparatus that is inserted into the existing well shaft, a pump/recovery unit, and a storage tank. Installation and removal is performed using standard work-over equipment; requires minimal training to deploy maintain, and service; and needs no power lines or other dedicated infrastructure. All hydrocarbons come to the surface in an unpressurized recovery, mitigating the possibility of surface spills or contamination.
"After nearly two decades of development and refinement, we believe our TORS™ is ready for commercial rollout. We see significant upside potential in our license agreement with Principal," said Tokata™ Co-Founders Patrick S. O'Malley and Thomas Westbrook, Ph.D. "The potential environmental benefits are obvious, as is the potential economic impact. Dormant wells due to high water content, high lifting costs, limited infrastructure, and other economic or environmental challenges will have the potential to be viable. We're excited to be a part of bringing a truly unique and possibly disruptive technology to the energy sector."
As part of its recent restructuring and new strategic focus, Principal intends to invest in and acquire under-valued, marginalized properties that are expected to become economically viable when its TORS™ system is deployed on the properties for petroleum recovery.
"TORS™ puts us potentially, in a position to realize profits with investments in or acquisitions of resource properties deemed economically non-viable due to high extraction costs," said K. Bryce "Rick" Toussaint, MBA, CPA, Chairman and CEO of PSSW.
For additional details and background information on Tokata™ and its TORS™, please visit the company's website at www.tokataoilrecovery.com.
About Principal Solar
Principal Solar is a strategic investor in and acquirer of organizations and technologies to build 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 (currently under development) 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.
Company Contact
K. Bryce "Rick" Toussaint, CPA, MBA
Chairman and Chief Executive Officer
kbt@pswwenergy.com
214.885.0032
Investor Relations Contact
Michael Briola
invest@pswwenergy.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74616
