DALLAS, Texas, Jan. 29, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. Opts out of Bakken Shale Deal in N. Dakota.
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, “Regrettably, we are opting out of the Bakken Shale acquisition because the 5% interest presented for sale by Phoenix Energy, Inc. (“Phoenix”) was not accurate. Based upon our due diligence, we discovered that Phoenix owns far less than the 5% interest that was offered. This discrepancy made closing the transaction uneconomical for Petron II.” Smith further states, “The discrepancy came to our attention during our due diligence phase. Subsequently, we contacted Phoenix Energy, Inc. and requested verification of the 5% interest in the Bakken Shale they offered. Unfortunately, Phoenix was not able to provide verification of ownership of the 5% interest to the satisfaction of the Company.”
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.