DALLAS, Texas, May 28, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB: PEII) Petron Energy II, Inc. announces operational update 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 May 12, 2014 press release we announced that we had completed the drilling of our supply well and finalized installation of all high pressure flow lines and electrical to our injection wells. As we complete our final stage, one key component to a successful supply well is the stimulation treatment. Recently we received the recommended stimulation treatment proposal which once completed should provide us with the most optimal saltwater fluid levels for injection into the Dutcher reservoir. Achieving a maximum saltwater flow rate from the supply well is extremely crucial as we seek to increase reservoir pressure." Smith further states, "Of course increasing reservoir pressure provides the best opportunity to produce the highest volume of oil per day. These are very exciting times at Petron II because once we have completed our final stage we will return this lease back to full production operations. Based on our engineering design for this project we estimate injecting gas and roughly 1,000 barrels of saltwater per day into the Dutcher reservoir over a period of several months. Once the reservoir has achieved its optimal level of pressure we anticipate a peak in sustained daily oil production levels, our analysis estimate the daily range to be 50 – 75BO/D. The Snyder/Simon lease is the first of three of our largest leases which we have budgeted for funding this year. The Edwards lease which is the second lease we have planned for secondary recovery development in our 2014 CAPEX budget is currently in the design phase with our engineers." 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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