Dallas, TX (PRWEB) January 15, 2014
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 December 4, 2013 press release we stated, we begun CO2-EOR (Enhanced Oil Recovery) injection procedures on our Edward leases and I am pleased to report some early production results. Although we have not set up the Edwards lease for complete CO2-EOR operations, the lease makes a sufficient amount of CO2 and saltwater for injection purposes.” Smith further states, “Our weekly production since the beginning of December has increased from 23BO to 71BO as we continue to increase the pressure within the reservoir we anticipate further increases. Additionally we are preparing to complete all CO2-EOR operations on our Simon lease by the end of February, making it the first fully completed operational CO2-EOR lease in our inventory.”
Smith goes on to say, “We have received a completed reservoir engineering report for the Bakken Shale Deal and the reserve numbers are very robust for our minority interest. We have also received a term sheet from a commercial bank regarding the purchase of the minority interest in the Bakken Shale Deal and we have begun negotiations with the bank on the various terms being offered. The official closing date for the Bakken Shale transaction is scheduled for January 31, 2014.” We will provide more updates concerning this important acquisition and our production 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.