Dallas, TX (PRWEB) October 03, 2014
Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCQB: PEII) Petron Energy II, Inc. reports on completion of Drilling Operations on its Gerner and Gerner Trust leases.
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.
The Company announced in its August 28, 2014 press release that it would begin drilling operations on two wells during the month of September, one new well on its Gerner lease and a second on its Gerner Trust lease.
This morning Petron Energy II, Inc. reported that it had completed all drilling operations on each of the new wells drilled on its Gerner and Gerner Trust leases respectively. The Company reports that each well was drilled offsetting wells previously drilled on both leases. During drilling operations, oil began to flow into the pits when drilling through the desired payzone for each well.
Floyd Smith, President and CEO of Petron Energy II, Inc. states, "We are very pleased with the results of each well, when shallow wells produce oil during drilling operations usually it is a very positive sign for the potential of commercial oil production. We strategically chose each drill site, hopeful that we would gain payzone structure thickness compared to previously drilled wells on each lease and we were successful in achieving our goal."
The Company is preparing to stimulate and complete each well for production by mid October and if successful have each well online with commercial oil production during the month of October.
Floyd Smith, President and CEO of Petron Energy II, Inc. goes on to say, "These new wells are part of 5 wells which we have identified virgin payzones which have the potential of producing commercial oil production. We are hopeful that each well will be instrumental in achieving our projected short term goal to increase our oil production rates to 100+ barrels of oil per day."
The Company has set a goal to increase its daily production rate to an estimated range of 110 - 120 barrels of oil per day within 90 days and it believes these wells could be important factors in achieving its goal. 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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