Dallas, TX (PRWEB) February 04, 2015
Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCQB: PEII) Petron Energy II, Inc. announces update on its 2015 plan.
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.
This morning, Petron Energy II, Inc. announced that on January 6, 2015 it reported on the company’s 2015 Plan. The company stated that it would focus on three key areas, 1) Increasing daily production rates; 2) Improving financing flexibility and 3) Reducing liabilities.
Floyd Smith, President and CEO of Petron Energy II, Inc. states, "We are very excited to announce that we have engaged a consulting group which is assisting with designing our comprehensive approach to the three key components within the 2015 campaign. We are currently sourcing debt financing to address our immediate need to increase daily production rates. Additionally, we are moving expeditiously to begin reducing liabilities on our balance sheet; this process is expected to take a few months to complete. However, once completed we hope to possess a healthier balance sheet which will improve our financing flexibility and provide more debt financing opportunities to continue with the development of all lease assets."
With oil prices in the mid $40 range, Petron Energy II, Inc. believes that the timing could not be better to pursue shallow well acquisitions.
Floyd Smith, President and CEO of Petron Energy II, Inc. goes on to say, "As a way to increase production immediately we have identified and started our due diligence process on two shallow well acquisitions which has existing production and drilling locations. We believe with oil price in the mid $40 range that this is a buyers’ market and acquisitions are very key to creating value both in terms of revenue and asset growth. We strongly believe that completing our three key goals in 2015, we have a great opportunity to create value in the company.”
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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