DALLAS, Texas, June 30, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB:PEII) Petron Energy II, Inc. gains operational approval on all of its Texas wells.
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 March 28, 2014 we announced that we had completed all workovers and submitted all paperwork including our P-5 renewal application to the Texas Railroad Commission (RRC). On Friday June 27, 2014 the RRC approved our P-5 application, effectively clearing the way for all of our Texas wells to be returned to production. We are obviously very pleased to gain full approval from the RRC and will move immediately to return our Texas wells back to commercial production this week." The company projects its Texas production should add and additional 8-10 barrels of oil per day. Smith goes on to say, "The next major phase of Texas operations will involve the design of our secondary recovery waterflood development plan for the Redder Lease. The Redder Lease is the last of our three largest leases planned for secondary recovery waterflooding procedures in our 2014 CAPEX budget."
When all waterflood development plans have been implemented, the company projects the total daily oil production range of all three leases to be 125 – 200 barrels of oil per day. 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.
Investor Relations Contact:
Synergy: 888-259-9173
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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