DALLAS, TX — (Marketwired) — 09/24/13 — Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCBB: PEII) Petron Energy II, Inc. Reports a 30% increase in production from its Edwards Leases in Oklahoma.
Petron Energy II, Inc., together with its subsidiaries, engages in the acquisition and development of properties for the production of crude oil and natural gas, the transportation of natural gas through its pipeline subsidiary and well servicing through its servicing subsidiary. The Company–s operations are based in the United States.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, “We are very pleased with the production results of the Edwards leases; we have implemented 20% of our secondary recovery plan for the Edwards leases which involves reworking and re-pressurizing wells in the Wilcox and Dutcher pay zones. We believe as we continue to rework wells in the Wilcox and Dutcher zones we should realize further production improvements.” The company stated in its previous press release that it had a total of 18 leases to equip for secondary recovery operations.
Smith went on the say, “In our August 22, 2013 press release we stated the company had tentatively scheduled fracture stimulation treatment for the LaNina and Covenant wells for mid September; due to scheduling delays on the part of our fracture stimulation contractor we were unable to meet the mid September timeline and are currently waiting for their arrival on location to complete the stimulation work on both wells.” Smith further states, “Our contractor informed us that they are running 3-4 weeks behind in their scheduling.”
The company stated each new zone scheduled for stimulation in the LaNina and Covenant wells has a proven production history for producing both oil and natural gas. Smith went on to say, “As we previously mentioned, the swab tests we conducted proved conclusively the presence of oil in both wells and historical data suggests that these wells could become Petron–s biggest producers to date once they are re-completed in their new pay zones. The company will report updated production news for both wells as soon as results are available.”
About Petron Energy II, Inc.:
Petron Energy II, Inc. is a Dallas-based, oil and gas exploration and production company. For further information about the Company, please visit our website .
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” (statements which are not historical facts) made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as “anticipate,” “could,” “may,” “might,” “potential,” “predict,” “should,” “estimate,” “expect,” “project,” “believe,” “plan,” “envision,” “continue,” “intend,” “target,” “contemplate,” or “will” and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward- looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include, but are not limited to, the time to consummate the proposed development, completion and extraction; the timing and extent of changes in market conditions and prices for natural gas and oil; the timing and extent of the Company–s success in discovering, developing, producing and estimating reserves; the economic viability of, and the Company–s success in drilling, the Company–s ability to fund the acquisition, development, completion and extraction of oil and gas assets and the Company–s planned capital investments; the Company–s future property acquisition or divestiture activities; increased competition; and any other factors listed in the reports the Company has filed and may file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company–s expectations only as of the date they were made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.
Contact:
Floyd Smith