DALLAS, Texas, May 9, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. announces that its $10Million Dollar Line of Credit has been approved by the SEC. Petron Energy II, Inc. also announces its current plan for use of proceeds.
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 “In our March press release we announced that we expected our $10 Million Line of Credit to be approved very soon. On April 25, 2014 we are pleased to announce that the SEC approved our $10 Million Dollar Line of Credit and the Company is able to immediately begin drawing down working capital in an amount up to $10 Million Dollars.” Smith further states, “Our current strategy is to use the bulk of these funds to increase production. Our team has worked extremely hard in accomplishing this great milestone which will allow our company to move ahead in implementing our 2014 CAPEX Plans. As I stated in a previous email we have three (Snyder/Simon, Edwards and Redder) of our largest leases scheduled for completion this year. We are well underway with secondary recovery procedures on the Snyder/Simon lease and will report a status update very soon.” Smith goes on to say, “Now that we have access to sufficient working capital, we have the control to execute our plan and hopefully begin to create a tremendous amount of value for our shareholders. We 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.