DALLAS, Texas, June 30, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. gains operational approval on all of its Texas wells.
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 March 28, 2014 we announced that we had completed all workovers and submitted all paperwork including our P-5 renewal application to the Texas Railroad Commission (RRC). On Friday June 27, 2014 the RRC approved our P-5 application, effectively clearing the way for all of our Texas wells to be returned to production. We are obviously very pleased to gain full approval from the RRC and will move immediately to return our Texas wells back to commercial production this week.” The company projects its Texas production should add and additional 8-10 barrels of oil per day. Smith goes on to say, “The next major phase of Texas operations will involve the design of our secondary recovery waterflood development plan for the Redder Lease. The Redder Lease is the last of our three largest leases planned for secondary recovery waterflooding procedures in our 2014 CAPEX budget.”
When all waterflood development plans have been implemented, the company projects the total daily oil production range of all three leases to be 125 — 200 barrels of oil per day. 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.