DALLAS, Texas, July 17, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB:PEIID) Petron Energy II, Inc. reports on Production on 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.
On July 1, 2014 Petron Energy II, Inc. announced that it had returned its Texas wells back to full production and projected Texas production should add an additional 8-10 barrels of oil per day. As of this morning the company is reporting that its Texas daily oil production is 15 barrels of oil per day. Additionally, Petron Energy II, Inc. has roughly 450 barrels of oil in its gathering tanks expected to sell next week.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, "This production is better than we projected, we believe that we may be able to enhance our daily barrel rates more in Texas by performing acid treatments on our Texas wells. We plan to move ahead with those treatments very soon."
The next phase of operations for the company in Texas will involve the design of its secondary recovery waterflood development plan on the Redder Lease. The Redder Lease will be the last of three large leases planned for secondary recovery waterflooding procedures in the company's 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.
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Petron Energy II, Inc. Floyd Smith +1 (972) 272-8190