DALLAS, Texas, June 12, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB: PEII) Petron Energy II signs Acquisition Agreement to purchase Garrett Lease in Creek County, Ok.
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 "On June 2, 2014 we signed an acquisition agreement and tendered the initial down payment with Mr. Bill Sperling to purchase the Garrett Lease which has existing wells. One of the key wells we intend to attempt a recompletion is the Garrett #3; the Garrett #3 well has a well developed Mississippi pay zone which we will test for commercial production. Our geologist and a third party petroleum engineer have reviewed the Garrett #3 logs and found them to have all of the key components for oil based on their log analysis and to be very comparable to some of the better producing Mississippi wells which offset our lease." Smith goes on to say, "The Mississippi pay zone has proven to be a very prolific oil producing zone in the area, vertical completions on area wells have realized initial production rates of 30 – 100 barrels of oil per day.
The company is scheduled to test the Garrett #3 well after the completion of the Snyder/Simon lease project which will be completed during the month of June 2014. The company will report results for both projects as soon as they 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 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.
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2014/06/prweb11937926.htm
Petron Energy II, Inc. Floyd Smith +1 (972) 272-8190