Dallas, TX (PRWEB) July 08, 2014
Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCBB: PEIID) Petron Energy II signs Acquisition Agreement to purchase Garrett Lease in Creek County, OK.
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 "On June 2, 2014 we announced that we signed an acquisition agreement and tendered the initial down payment with Mr. Bill Sperling to purchase the Garrett Lease which has existing wells. As of this morning we announced that we have closed on the purchase of the Garrett Lease. One of the key wells we intend to attempt a recompletion is the Garrett #3; the Garrett #3 well has a 3 well developed pay zones which we will test for commercial production. Our geologist and a third party petroleum engineer have reviewed the Garrett #3 logs and found them to have all of the key components for oil; based on their log analysis."
"The company is scheduled to test the Garrett #3 well during the next 7 – 10 days weather permitting. The company will report results as soon 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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