DALLAS, Texas, Sept. 11, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. reports increasing trend in its oil production.
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 it posted its largest year to date production month in August with 482 barrels of oil sold for the month. The company has been focused on improving its production and their monthly production has been trending higher since June. The company reported that monthly production for June was 149 barrels, July was 361 barrels and August was 482 barrels representing better than a 300% improvement in its monthly production since June.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, “We are very pleased with our production results and as we progressively implement more of our development plan we estimate that this current trend should continue.”
The company announced in its August 28, 2014 press release that it will begin drilling operations on two wells this month, one new well on its Gerner lease and a second new well on its Gerner Trust lease. Petron Energy II, Inc. believes that offsetting its Gerner #2 well which had an initial production rate of 45 barrels of oil per day and the Gerner Trust #1 well which tested over 1.5 million cubic feet of gas per day could if successful, assist in extending the current upward trend of monthly production. Drilling is scheduled to commence Monday September 15, 2014, both wells are expected to be drilled and logged within one week.
Floyd Smith goes on to say, “We are very excited to have another opportunity to drill on both leases; each lease provides the potential for tremendous upside and production growth.”
The company has set a goal for itself 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 components in achieving the 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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Petron Energy II, Inc. Floyd Smith email@example.com +1 (972) 272-8190