Dallas, TX (PRWEB) April 14, 2014
Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCBB: PEII) Petron Energy II, Inc. announced today that it has commenced drilling operations on a saltwater supply well on its Snyder/Simon lease in Wagoner County, 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., stated, “We are pleased to report this morning we began drilling operations on a saltwater supply well on our Snyder/Simon lease. The saltwater produced and injected from this well along with gas injections are key components in providing pressure needed to recreate reservoir drive. Based on our engineering design we estimate injecting roughly 1,000BSW/D and gas into the reservoir over a period of several months, as pressure is increased our daily oil production levels should begin to show sustained improvement. Once the reservoir has achieved its optimal level of reservoir pressure we anticipate seeing a peak in sustained daily oil production levels from the lease, our analysis estimate the daily range to be 50 – 75BO/D. We are very excited to announce the beginning of procedures which will allow Petron II to experience full lease development and production operations. This lease is the first of three of our largest leases which we have budgeted for funding this year; all work for the Snyder/Simon should be completed by mid May.” Smith goes on to say, “Our goal is to have the second lease (the “Edwards”) fully operational by the end of June and the third lease (the “Redder”) completed by the end of August.”
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.