DALLAS, Texas, Oct. 28, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB: PEII) Petron Energy II, Inc. reports on operations on its Snyder/Simon Secondary Recovery project in Oklahoma.
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. announced this morning that it had completed all stimulation procedures on its Snyder/Simon lease and has placed the lease into full waterflood operations.
Floyd Smith CEO of Petron Energy II, Inc. states, "We are currently injecting approximately 600BSW/D and intend to gradually increase our rate to 1,000BSW/D which will increase the reservoir pressure. Increasing reservoir pressure provides us the best opportunity to produce the highest volume of oil per day".
The company estimates the daily production range to be 50 – 75BO/D, once the Dutcher reservoir achieves an optimal level of pressure. The Snyder/Simon lease is the first of three larger company leases planned for development this year.
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
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