DALLAS, Texas, July 10, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB: PEIID) CORRECTION - Petron Energy II, Inc. announces that its $10Million Dollar Line of Credit has been approved by the SEC.
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.
Petron Energy II, Inc., is filing this press release to correct an error inadvertently reported on our press release dated May 9, 2014 (the "Press Release"). The press release inadvertently stated that the Company's $10 Million Dollar Line of Credit had been approved by the U.S. Securities and Exchange Commission (the "SEC"). However, more accurately, the press release intended to report that the SEC submitted to the Company a "Notice of Effectiveness" in connection with the Company's registration statement on Form S-1, which was made effective on April 25, 2014. As disclosed in the Form S-1 and pursuant to an Investment Agreement with CPUS Income Group LLC ("CPUS"), the Company may "put" up to $10,000,000 in shares of its common stock upon exercise of the put right offered by CPUS.
Floyd Smith, President and CEO of Petron Energy II, Inc., states "We sincerely regret any confusion this may have caused and will make every effort to insure this does not happen again".
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.
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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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Petron Energy II, Inc. Floyd Smith +1 (972) 272-8190