DALLAS, May 12, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. announced that it has commenced the final completion operations on its Snyder/Simon Secondary Recovery project in Wagoner County, Oklahoma.
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 April 14, 2014 press release we announced that we had commenced drilling operations on our saltwater supply well positioned on our Snyder/Simon lease. We are pleased to report this morning that we have not only completed the drilling of the supply well but we have also finalized installation of all high pressure flow lines and electrical to our injection wells. We are currently in the final stages of completing the entire project weather permitting this month, once we have finalized all procedures we will return this lease back to full production operations. As stated previously, the saltwater and gas injections wells are key components in providing the pressure needed to recreate reservoir drive. Based on our engineering design we estimate injecting gas and roughly 1,000BSW/D into the reservoir over a period of several months, as pressure is increased our daily oil production levels should begin to show sustained improvement. Once the reservoir has achieved its optimal level of reservoir pressure we anticipate seeing a peak in sustained daily oil production levels, our analysis estimate the daily range to be 50 — 75BO/D.” Smith goes on to say, “We used our first draw down from our $10 Million Dollar Line of Credit to purchase the final equipment needed to complete this project. The Snyder/Simon lease is the first of three of our largest leases which we have budgeted for funding 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.