DALLAS, Oct. 3, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. updates Gerner and Gerner Trust projects.
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 completed drilling 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.”
The Company plans to stimulate and complete each well for production within the next 10-14 days 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, 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’s goal is to increase daily production to an estimated range of 110+ barrels of oil per day within 90 days. 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