DALLAS, May 12, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB:PEII) Petron Energy II, Inc. announced that it has commenced the final completion operations on its Snyder/Simon Secondary Recovery project in Wagoner County, 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., stated, "In our April 14, 2014 press release we announced that we had commenced drilling operations on our saltwater supply well positioned on our Snyder/Simon lease. We are pleased to report this morning that we have not only completed the drilling of the supply well but we have also finalized installation of all high pressure flow lines and electrical to our injection wells. We are currently in the final stages of completing the entire project weather permitting this month, once we have finalized all procedures we will return this lease back to full production operations. As stated previously, the saltwater and gas injections wells are key components in providing the pressure needed to recreate reservoir drive. Based on our engineering design we estimate injecting gas and roughly 1,000BSW/D into the reservoir over a period of several months, as pressure is increased our daily oil production levels should begin to show sustained improvement. Once the reservoir has achieved its optimal level of reservoir pressure we anticipate seeing a peak in sustained daily oil production levels, our analysis estimate the daily range to be 50 – 75BO/D." Smith goes on to say, "We used our first draw down from our $10 Million Dollar Line of Credit to purchase the final equipment needed to complete this project. The Snyder/Simon lease is the first of three of our largest leases which we have budgeted for funding this year." 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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