Dallas, TX (PRWEB) December 05, 2013
Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCBB: PEII) Petron Energy II, Inc. begins Enhanced Oil Recovery procedures on its Edwards Leases 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.
Floyd Smith, President and CEO of Petron Energy II, Inc. states, “In our November 20, 2013 press release we stated, we would begin CO2-EOR (Enhanced Oil Recovery) injection procedures in the Dutcher sandstone on our Edward lease and I am pleased to report operations got underway on this week. Performing CO2-EOR procedures in the Dutcher sandstone will allow us to recharge the Edwards leases and improve our daily oil production. These leases are comprised of 18 Dutcher Sandstone existing wells and the Dutcher Sandstone has been oil and natural gas productive since the mid-1920’s. Implementing our secondary recovery strategy relies largely on CO2-EOR injection procedures and we believe this process provides the potential for consistent commercial production at acceptable levels. We believe the estimated daily production range to be 30 – 50BO/D at peak pressure levels. We will report production results as they are available.”
Additionally, Petron Energy II, Inc. announced today that it has chosen an investment banker for funding for the Bakken Shale deal and has completed a due diligence packet and forwarded it for review. Smith states, “We have received positive confirmation from the financing group that they have sincere interest in funding our Bakken deal and our goal is to have funding to close this transaction on or before December 31, 2013. Further, we expect to have a reservoir engineering report completed on this property within two weeks. We will report deal results 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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