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Begin workover procedures on its Knox County, TX leases

Begin workover procedures on its Knox County, TX leases

DALLAS, Texas, Feb. 25, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII):

Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCBB: PEII) Petron Energy II, Inc. begin workover procedures on its Knox County, TX leases.

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., states, “On February 17, 2014 workover rigs moved on location to begin plugging work on seven wells, all plugging work should be completed on February 28. Once plugging work is completed we will immediately begin workover procedures involving downhole pump changes and repairing tubing leaks on 11 wells, all workover procedures are expected to be completed by March 15, 2014 at such time we will return our Texas production back online.” The company expects the Texas production should add and additional 8-10BO/D.

Smith goes on to say, “Once we have completed all procedures in Texas, we intend on moving all workover operations back to Oklahoma where we will finalize the secondary recovery setup for our Snyder/Simon lease. We should have all setup procedures executed by April 7, 2014. Although we have 20 leases, this particular lease is the first of three large acreage leases we expect to have online this year. These three leases are the primary drivers concerning why we have projected Petron II to become profitable this year. 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.