DALLAS, Texas, May 9, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB: PEII) Petron Energy II, Inc. announces that its $10Million Dollar Line of Credit has been approved by the SEC. Petron Energy II, Inc. also announces its current plan for use of proceeds.
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., stated "In our March press release we announced that we expected our $10 Million Line of Credit to be approved very soon. On April 25, 2014 we are pleased to announce that the SEC approved our $10 Million Dollar Line of Credit and the Company is able to immediately begin drawing down working capital in an amount up to $10 Million Dollars." Smith further states, "Our current strategy is to use the bulk of these funds to increase production. Our team has worked extremely hard in accomplishing this great milestone which will allow our company to move ahead in implementing our 2014 CAPEX Plans. As I stated in a previous email we have three (Snyder/Simon, Edwards and Redder) of our largest leases scheduled for completion this year. We are well underway with secondary recovery procedures on the Snyder/Simon lease and will report a status update very soon." Smith goes on to say, "Now that we have access to sufficient working capital, we have the control to execute our plan and hopefully begin to create a tremendous amount of value for our shareholders. We will provide more updates as they become 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 http://www.petronenergyii.com.
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.
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