Principal Solar and Executive Logistics & Transportation and its Affiliates Secure Majority Operating and Non-Operated Interest from Winchester Oil & Gas
DALLAS, TX / ACCESSWIRE / June 12, 2023 / 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 acquirer and operator of undervalued petroleum-producing properties, today announced that Principal and its joint venture partner Executive Logistics & Transportation and its affiliates (“ELT”) have completed the acquisition of certain Winchester Oil & Gas (“Winchester”) oil and gas leases and field equipment from the Minerva-Rockdale Oil Field (“Minerva”, “Minerva-Rockdale”, or “MROF”). Winchester is an established oil and gas operator with commercial production.
“Principal continues to successfully execute its strategy of identifying and acquiring oil & gas properties with the potential to bring significant value to our stakeholders,” said K. Bryce “Rick” Toussaint, CPA, MBA, Chief Executive Officer of Principal Solar. “The completion of this acquisition brings immediate revenue potential to the Company, and with Minerva’s proven reserves, significant upside potential.”
Acquisition Details
Principal and ELT have obtained both operating and non-operated interest in the Minerva-Rockdale oil and gas leases, which cover approximately 11,000 acres in Milam County, Texas. In the future, Principal will have the option to increase its equity percentage in the field in exchange for issuance of the Company’s common stock, subject to market conditions and other factors. Specific terms and conditions will be disclosed as they become available.
The Minerva-Rockdale Oil Field
Minerva-Rockdale was discovered in 1921 and was once one of the largest oilfields in Texas. Prior to 1950, MROF produced 4,000,000 barrels of oil; total production from August 2014 to today stands at 481,000 barrels. MROF remains a steady producer with significant reserves of oil yet to be recovered.
For additional details regarding the Minerva-Rockdale Oil Field, please refer to PSWW’s earlier press release, available at: https://pswwenergy.com/2023/03/15/principal-solar-to-acquire-minerva-rockdale-leases-wells-and-assets/
Current Production and Upside Potential
“During our due diligence period, we noted that oil production has occasionally reached quantities as high as 380 barrels per day, which is significantly higher than our original 200-barrel estimate,” continued Mr. Toussaint. “Assuming this higher production level continues, our joint efforts in the field with ELT could potentially realize annual gross revenues as high as USD$9.5 million*. Meanwhile, we are working to increase production to our minimum goal of 500 barrels per day.”
About Executive Logistics & Transportation, LLC
ELT was established in 2020 with the overarching goal of leaving a long-lasting, positive imprint on the nation’s transportation industry. In doing so, one of ELT’s major responsibilities – and one of its core strengths – is safely transporting heavy freight nationwide to help sustain our country’s supply chain. ELT creates jobs and provides opportunities within the communities in which it operates as well as motivates and empowers those who need a second chance by welcoming those persons with prior justice system involvement. ELT believes in doing its part to help break the vicious cycle that has plagued countless families and communities across this nation and has stepped up with real opportunities, thereby making real differences in peoples’ lives.
For more information about ELT, please visit www.eltransport.com.
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.
*Estimated gross revenue calculation based on Reuters’ current West Texas Intermediate crude oil price of $70.17 per barrel.
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
SOURCE: Principal Solar, Inc.