DALLAS, TX — (Marketwired) — 07/25/13 — Petron Energy II, Inc. (OTCBB: PEII) announces update on early production progress of 2 new wells and a 15% increase from rework operations 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, transporting natural gas through its pipeline subsidiary and well servicing through its servicing subsidiary, in the United States.
Floyd Smith, President and CEO of Petron Energy II, Inc. states “In our July 11, 2013 press release we stated, “After positive results from our swab test we scheduled sand fracture stimulation treatments on the Covenant #5 and the LaNina #2 and we expected production results in the next 10 days. We successfully fractured each well and recently put the wells online, and although it is still early each well is moving an acceptable level of fluid and we have an oil cut in our LaNina #2 well which is very positive. The LaNina well was the first well we put online and the Covenant #5 followed later.”
Smith went on to say, “When we consider the historical production experienced from two adjacent wells (Potis and TJS wells), which produced from the same pay zone the LaNina and Covenant wells are producing from we are very encouraged by the potential production increase. The Potis well had initial production of 70BO/D and the TJS well had initial production of 50BO/D. While we are in the early stages of results for both the LaNina and Covenant wells, if each well experienced the type of production results as the Potis and TJS wells it would make our LaNina and Covenant wells the biggest producing wells in Petron II–s history. We expect production results on the LaNina #2 and Covenant #5 very soon and will report results to the market as soon as they are available.”
Smith further states, “In additional rework operations we realized a 15% increase in production, as we continue to rework more wells we expect more increases.”
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:
Gil Steedley