PRINCIPAL SOLAR ENTERS PARTNERSHIP AGREEMENT WITH ARAMIS TO REWORK 8 WELLS IN CALDWELL COUNTY, TEXAS

Rhea-AI Summary

Principal Solar, Inc. (PSWW) has signed a Partnership Agreement with Aramis, LLC to rework eight oil wells in Caldwell County, Texas. The company will reimburse certain lease costs and cover agreed-upon workover expenses, with an equal 50/50 equity share in the leases. Funding for the project is expected to begin before June 30, 2022. COO Tony Lerner expressed enthusiasm for this collaboration, highlighting the area’s rich oil and gas resources as significant for growth.

Positive

• Entered a strategic partnership with Aramis for oil well rework.
• Equal equity share (50/50) in oil leases enhances investment potential.
• Access to experienced operator in a resource-rich area.

Negative

• None.

BINDING LOI SIGNED THIS WEEK

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. 

About Aramis, LLC
Aramis is an experienced oil operator and seasoned workover specialist located in Caldwell County, TX; focused primarily on shallow well operations and rework projects in the state of Texas.

Mr. Omar Minaj is the managing member of Aramis. Mr. Minaj is a highly skilled and motivated Entrepreneur focused on building startup ventures in the Oil and Gas sector. He has raised multiple millions in Equity and Debt for Oil and Gas projects. He has well rounded experience in land leasing and contract negotiations both Domestic and Internationally.

About Principal Solar
Principal Solar is a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an 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
kt@pswwenergy.com
214.885.0032

Investor Relations Contact
Michael Briola
invest@pswwenergy.com

FAQ

What is the recent partnership agreement announced by PSWW?

Principal Solar signed a partnership agreement with Aramis, LLC to rework eight oil wells in Caldwell County, Texas.

What are the financial commitments of PSWW under the partnership with Aramis?

Principal Solar will reimburse specific lease costs and fund agreed workover expenses for the project.

When is the funding for the oil well project expected to start?

Funding for the project is anticipated to commence before June 30, 2022.

What is the equity structure of the partnership between PSWW and Aramis?

PSWW and Aramis will each hold a 50% equity share in the oil leases.

What are the expected benefits of the partnership for PSWW?

The partnership will leverage Aramis's experience and the resource-rich area to enhance growth opportunities.