Petron Energy II, Inc. Begins Enhanced Oil Recovery Procedures on its Edwards Leases in Oklahoma

Petron II provides update on CO2-EOR (Enhanced Oil Recovery) injection procedures on Oklahoma wells

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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.

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.


Contact

  • Floyd Smith
    Petron Energy II Inc
    +1 972-272-8190
    Email