Petron Energy II, Inc. Provides Update on its Secondary Recovery Operations in Oklahoma
April 14 2014 - 9:32AM
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,"
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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.