DALLAS, Texas, Jan. 15, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII)
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, “In our December 4, 2013 press release we stated, we begun CO2-EOR (Enhanced Oil Recovery) injection procedures on our Edward leases and I am pleased to report some early production results. Although we have not set up the Edwards lease for complete CO2-EOR operations, the lease makes a sufficient amount of CO2 and saltwater for injection purposes.” Smith further states, “Our weekly production since the beginning of December has increased from 23BO to 71BO as we continue to increase the pressure within the reservoir we anticipate further increases. Additionally we are preparing to complete all CO2-EOR operations on our Simon lease by the end of February, making it the first fully completed operational CO2-EOR lease in our inventory.”
Smith goes on to say, “We have received a completed reservoir engineering report for the Bakken Shale Deal and the reserve numbers are very robust for our minority interest. We have also received a term sheet from a commercial bank regarding the purchase of the minority interest in the Bakken Shale Deal and we have begun negotiations with the bank on the various terms being offered. The official closing date for the Bakken Shale transaction is scheduled for January 31, 2014.” We will provide more updates concerning this important acquisition and our production 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.