Principal Solar and Lazy Jacks Petroleum Execute Letter of Intent to Acquire, Redevelop, and Operate Orphan and Marginal Oil Wells
Dallas, Texas--(Newsfile Corp. - February 25, 2021) - Principal Solar, Inc. (OTCPink: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 it has executed a Letter of Intent with Lazy Jacks Petroleum LLC ("Lazy Jacks") to acquire, redevelop, and operate orphaned, abandoned and stripper oil and gas wells in the State of Texas.
"Our LOI with Lazy Jacks is the next logical step in the execution of our new strategic focus, specifically as we commercially launch our TORS™ petroleum recovery solution," said K. Bryce "Rick" Toussaint, CPA, MBA, Chairman and CEO of Principal Solar. "Lazy Jacks' special focus of returning orphaned wells to profitable production status makes them a natural fit for Principal."
According to the terms of the Letter of Intent, Principal Solar and Lazy Jacks plan to work together to develop, promote, and sustain a market for the acquisition, redevelopment, and operation of orphaned, stripper, and abandoned oil and gas wells in the State of Texas. The two companies intend to deliver products and/or services that meet or exceed all business and industry standards.
Under the terms of the final agreement (still in discussion as of the date of this announcement), Principal Solar is expected to be responsible for the for acquisition, development, and operational costs of certain of Lazy Jacks' oil and gas wells in Texas, and Lazy Jacks Petroleum Co. LLC will be expected to acquire, develop, and operate oil and gas leases in Texas as well as to consult and provide the expertise necessary to Principal Solar for each project. Unless mutually agreed upon by both parties, Lazy Jacks will operate all wells. Additionally, Lazy Jacks and Principal Solar have identified two projects totaling eight wells and two saltwater disposal wells, the price and terms for which will be determined at a later date.
About Lazy Jack Petroleum
Located in Houston, Texas, Lazy Jacks' team has over 20 years of combined experience working in the Texas Oil Patch and specializes in brining orphaned wells back to economical production.
About Principal Solar
Principal Solar is 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 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's 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 PSWW's 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 PSWW's 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
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