(via NewsDirect)
McapMediaWire --
investor in and operator of undervalued petroleum-producing properties, today announced that it has executed a Letter of Intent (the “LOI”) to purchase a controlling working interest in the leases and oil & gas wells along with all of the assets associated with the Minerva-Rockdale Oil Field (located in
“Principal’s controlling working interest acquisition represents a tremendous potential opportunity for our two companies,” said
The leases included in the LOI cover approximately 11,000 gross acres and 936 total production and disposal wells. Purchased assets include 657 pump jacks, 48 tank batteries, and 2.3 miles of pipeline.
Production and Potential Upside
Principal’s due diligence to date indicates that current production stands at approximately 200 barrels per day, and of the 936 total wells included in the LOI, 74 are currently producing from the shallow (1,000-1,500 foot deep) Navarro A & B formations. The remaining balance are shut-in, non-producing wells that will require the development, funding, and implementation of a workover program to return to production status. The Company anticipates the drilling of additional wells to be relatively inexpensive and involve relatively low risk.
“The Minerva-Rockdale working interest acquisition offers truly remarkable upside potential to Principal, its partners, and its stakeholders,” said
The Minerva-Rockdale Oil Field (“MROF”) was discovered in 1921 and was once one of the largest oilfields in
Principal plans to fund the acquisition via a combination of restricted stock and the assumption of some debt, and under the terms of the LOI, the Company has the right of first refusal to purchase the energy assets accumulated from Winchester and/or its joint venture partners.
About Principal Solar
For further information, please visit the Company’s website at www.pswwenergy.com.
Sources
*MKM Engineering Report;
Important Disclaimer Regarding Financial Terms
The specific financial terms contained in this press release are pending ongoing due diligence and are therefore subject to change without notice prior to the closing date of the LOI.
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
Principal Solar Contact
Chairman and Chief Executive Officer
kt@pswwenergy.com
214.885.0032
Investor Relations Contact
invest@pswwenergy.com
Contact Details
invest@pswwenergy.com
Company Website
http://www.pswwenergy.com/
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Copyright (c) 2023 TheNewswire - All rights reserved., source