DALLAS, Texas, July 10, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEIID) CORRECTION – Petron Energy II, Inc. announces that its $10Million Dollar Line of Credit has been approved by the SEC.
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.
Petron Energy II, Inc., is filing this press release to correct an error inadvertently reported on our press release dated May 9, 2014 (the “Press Release”). The press release inadvertently stated that the Company’s $10 Million Dollar Line of Credit had been approved by the U.S. Securities and Exchange Commission (the “SEC”). However, more accurately, the press release intended to report that the SEC submitted to the Company a “Notice of Effectiveness” in connection with the Company’s registration statement on Form S-1, which was made effective on April 25, 2014. As disclosed in the Form S-1 and pursuant to an Investment Agreement with CPUS Income Group LLC (“CPUS”), the Company may “put” up to $10,000,000 in shares of its common stock upon exercise of the put right offered by CPUS.
Floyd Smith, President and CEO of Petron Energy II, Inc., states “We sincerely regret any confusion this may have caused and will make every effort to insure this does not happen again”.
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