January 6, 2015
DALLAS, Texas, Jan. 6, 2015 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEIID) Petron Energy II, Inc. announces 2015 plan from its annual shareholder meeting.
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 December 19, 2014 it held its annual shareholder meeting, and set forth the company’s plans for 2015.
Floyd Smith, President and CEO of Petron Energy II, Inc. states, “We informed our shareholders that, although 2014 was complete with challenges, we still achieved operational progress for the year. We were successful in completing the secondary recovery setup of the Snyder/Simon lease. The lease is online and water injection procedures are underway which is increasing the reservoir pressure daily. Once the reservoir has achieved its optimal level of pressure we anticipate a peak in sustained daily oil production levels, our analysis estimate the daily range to be 50 — 75 barrels of oil per day. We are approximately 80% completed with secondary recovery setup operations on our Edwards lease and we drilled two new wells along with prep work for recompletions operations on 3 existing wells.” The Company projects it will finalize work on each project sometime early in 2015.
Petron Energy II, Inc. informed shareholders that there are three key areas it would focus on during the 2015 campaign 1) Increasing daily production rates, 2) Improving financing flexibility and 3) Reducing liabilities.
Floyd Smith, President and CEO of Petron Energy II, Inc. goes on to say, “Since we had 5 wells ready for completion operations at year end 2014, the stage could be set for production growth in 2015. If all completion operations are successful, it would allow us to move immediately into the production phase of operations for each of the 5 wells. We are hopeful that each well will be instrumental in achieving our projected short term goal to increase our oil production rate to a combined 100 barrels of oil per day from this group of 5 wells. Now that the Snyder/Simon lease is already in full secondary operations and the Edwards lease is expected to come online in early 2015, each represents potential long term production growth. We believe that by completing these projects, we have a great opportunity to create value in the company.”
The Company also will consider partnering on some assets to better position itself in 2015. 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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