Dallas, TX (PRWEB) March 20, 2014
Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCBB: PEII) Petron Energy II, Inc. provides update on progress of workover procedures conducted on twelve of its wells in Knox County, TX and the status of the Form S-1 registration statement originally filed with the Securities and Exchange Commission (“SEC”) on December 16, 2013.
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., stated, “On February 25, 2014 workover rigs had begun the first phase of operations involving plugging and abandonment work on seven wells. We are pleased to report that all plugging activities are completed. Additionally we have completed all workover procedures involving downhole pump changes and repairing tubing leaks on five wells during our second phase of operations in Knox County, TX. Currently we are waiting for approval from the Railroad Commission to return our Texas production back online, which we anticipate will happen very soon.” The company expects that production from its wells located in Texas should add and additional 8-10BO/D to its current production levels.
Smith goes on to say, “We are very excited to announce that we have made consistent progress regarding the status of the Company’s most recent Form S-1 registration statement filed with the SEC on December 16, 2013. It is important to note that once the Form S-1 registration statement becomes effective, the Company will be able to immediately begin drawing down working capital in an amount up to $10 Million Dollars without any delay.” Smith further states, “We have had two rounds of comments which we have answered successfully and since 90 days has passed from the initial filing date of our Form S-1, we have been asked to update our financials. Our Form 10-K Annual Report is due on March 31, 2014. We intend on filing our 10-K Annual Report on time and immediately afterwards we plan to file an amended Form S-1 with our most current financials. As a result, we hope to have our Form S-1 deemed effective very soon.” We will provide more updates 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.