Water in it is healthful, because according to the legend it gave force and animation to the ancient warriors of Rus, did them invulnerable to the hostile arrows and swords, and yet gave them the confidence in victory. The ancient sayings carried to our days the legend about magus and nameless prince who in immemorial times ruled in Halych. Once, when enemies took in a siege the city and water dried out in two deep wells, the defenders of the city of Halych appealed to the prince with a request to allow them to lay down arms before the enemies and appear on their favour, because the suffering of thirst quite broke their will to the fight. The whole night a prince thought, and in the morning ancient magus came to him and asked not to give the defenders no answer till evening. Before the sunset he got out the prince on the slope of the mountain, which was protected by the defensives gates, and ordered to look attentively at this place, where the last rays of the sun will fall down. When the sunbeams fell down on the small deepening, where the Halych warriors tired of thirst sat, magus said to dig there. The prince took the sword from one of the warriors, stuck a blade of it in to the earth and a source spurted out from there. Hostages of the fortress were rescued from thirst, enemies did not get the city, and a source which the prince ordered to clear and assess by the stones and since that time it was named the Princely Well.
On the eve of the 1100th anniversary of ancient Halych in 1998, the Princely well celebrated the second birth. The L’viv restorers returned it to a new life, set above a source a four meters high rotunda and crowned it with a copper dome with the gilded cross. Near the well they put the comfortable approaches for visitors, made a survey ground which enables to examine from sublimity of Pidgoroddya - the sight of architecture of the ancient capital city of the Halych princes. At the same year, on the Day of Saint Vodokhrestya (Jordan), the Princely well was sanctified. A ceremony was carried out by the priests of UGKC at the head with the ecclesiastic priest Ruler by Sofronom Moodry CHSVV.