DALLAS, Texas, Aug. 7, 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 17, 2014 Petron Energy II, Inc. announced that its Texas daily oil production was approximately 15 barrels of oil per day. This morning the company announced that it recently sold 300 barrels of oil held in its storage tanks. Additionally, the company has scheduled 2 acid stimulation treatments for wells in Texas and plans to continue to perform acid treatments on its remaining Texas wells to assist with production enhancement.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, "By performing acid treatments we believe they should allow for greater improvement in our oil production rates from our Texas wells."
The company also stated that it expects the final completion work for the Snyder/Simon lease in Oklahoma to be executed within the next few days. Upon completion of this work, the company expects to begin full waterflood operations by injecting roughly 1000 barrels of saltwater per day into the reservoir. When the company completes its 3 waterflood development plans, it projects the total daily oil production range 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.
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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