DALLAS, Texas, Aug. 7, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEIID) Petron Energy II, Inc. reports on Production on 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.
On July 17, 2014 Petron Energy II, Inc. announced that its Texas daily oil production was approximately 15 barrels of oil per day. This morning the company announced that it recently sold 300 barrels of oil held in its storage tanks. Additionally, the company has scheduled 2 acid stimulation treatments for wells in Texas and plans to continue to perform acid treatments on its remaining Texas wells to assist with production enhancement.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, “By performing acid treatments we believe they should allow for greater improvement in our oil production rates from our Texas wells.”
The company also stated that it expects the final completion work for the Snyder/Simon lease in Oklahoma to be executed within the next few days. Upon completion of this work, the company expects to begin full waterflood operations by injecting roughly 1000 barrels of saltwater per day into the reservoir. When the company completes its 3 waterflood development plans, it projects the total daily oil production range to be 125 — 200 barrels of oil per day. We will provide more updates as they become available.
About Petron Energy II, Inc.:
Petron Energy II, Inc. is a Dallas-based, oil and gas exploration and production company. For further information about the Company, please visit our website https://www.petronenergyii.com.
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Petron Energy II, Inc. Floyd Smith fsmith@petronenergyii.com +1 (972) 272-8190 Investor Relations Contact: Synergy: 888-259-9173