DALLAS, Texas, May 29, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. provides update on its Knox County, TX leases.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, “On March 28, 2014 we announced that all workover procedures would be completed by April 15, 2014. We have completed all workovers and have submitted all paperwork including our P-5 renewal application to the Railroad Commission (RRC). The RRC currently is reviewing our application which should be completed very soon, once we receive final approval we will move immediately to return our Texas wells to commercial production. The company expects its Texas production should add an additional 8-10 barrels of oil per day immediately.” The next major phase of Texas operations for the company will involve the development of the Redder Lease.
Smith goes on to say, “The Redder lease is the largest of our Texas leases and is the final of three leases we have planned for secondary recovery development in our 2014 CAPEX budget. The projected daily oil production rate once all three leases are online is 150 – 200 barrels of oil per day. These three leases are the primary drivers behind why we have projected Petron II to become profitable this year.” 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.