DALLAS, Texas, Jan. 6, 2015 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB: PEIID) Petron Energy II, Inc. announces 2015 plan from its annual shareholder meeting.
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.
This morning, Petron Energy II, Inc. announced that on December 19, 2014 it held its annual shareholder meeting, and set forth the company's plans for 2015.
Floyd Smith, President and CEO of Petron Energy II, Inc. states, "We informed our shareholders that, although 2014 was complete with challenges, we still achieved operational progress for the year. We were successful in completing the secondary recovery setup of the Snyder/Simon lease. The lease is online and water injection procedures are underway which is increasing the reservoir pressure daily. Once the reservoir has achieved its optimal level of pressure we anticipate a peak in sustained daily oil production levels, our analysis estimate the daily range to be 50 – 75 barrels of oil per day. We are approximately 80% completed with secondary recovery setup operations on our Edwards lease and we drilled two new wells along with prep work for recompletions operations on 3 existing wells." The Company projects it will finalize work on each project sometime early in 2015.
Petron Energy II, Inc. informed shareholders that there are three key areas it would focus on during the 2015 campaign 1) Increasing daily production rates, 2) Improving financing flexibility and 3) Reducing liabilities.
Floyd Smith, President and CEO of Petron Energy II, Inc. goes on to say, "Since we had 5 wells ready for completion operations at year end 2014, the stage could be set for production growth in 2015. If all completion operations are successful, it would allow us to move immediately into the production phase of operations for each of the 5 wells. We are hopeful that each well will be instrumental in achieving our projected short term goal to increase our oil production rate to a combined 100 barrels of oil per day from this group of 5 wells. Now that the Snyder/Simon lease is already in full secondary operations and the Edwards lease is expected to come online in early 2015, each represents potential long term production growth. We believe that by completing these projects, we have a great opportunity to create value in the company."
The Company also will consider partnering on some assets to better position itself in 2015. The Company will report results as soon as they are 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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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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