Petron II brings Texas Wells Online
DALLAS, Texas, July 7, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. returns its Texas wells back to Commercial Production.
On June 30, 2014, Petron II previously announced that on Friday June 27, 2014 the Texas Railroad Commission (RRC) approved their P-5 application, effectively clearing the way for all of its Texas wells to be returned to commercial production. This morning the company announced that it had returned its Texas wells back to full production. Floyd Smith, President and CEO of Petron Energy II, Inc., stated, “We are very pleased with the addition of our Texas properties at this time and we estimate that our Texas production should add and additional 8-10 barrels of oil per day. The next phase of operations for Petron II in Texas will involve the design of its secondary recovery waterflood development plan for the Redder Lease. The Redder Lease is the last of three large leases planned for secondary recovery waterflooding procedures in the company’s 2014 CAPEX budget.” Petron II will provide more updates as they become available.
NOTICE: 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.