DALLAS, Texas, June 12, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II signs Acquisition Agreement to purchase Garrett Lease in Creek County, Ok.
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 June 2, 2014 we signed an acquisition agreement and tendered the initial down payment with Mr. Bill Sperling to purchase the Garrett Lease which has existing wells. One of the key wells we intend to attempt a recompletion is the Garrett #3; the Garrett #3 well has a well developed Mississippi pay zone which we will test for commercial production. Our geologist and a third party petroleum engineer have reviewed the Garrett #3 logs and found them to have all of the key components for oil based on their log analysis and to be very comparable to some of the better producing Mississippi wells which offset our lease.” Smith goes on to say, “The Mississippi pay zone has proven to be a very prolific oil producing zone in the area, vertical completions on area wells have realized initial production rates of 30 — 100 barrels of oil per day.
The company is scheduled to test the Garrett #3 well after the completion of the Snyder/Simon lease project which will be completed during the month of June 2014. The company will report results for both projects as soon as they are 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.