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Update on Workover Procedures and Form S-1 Filing

Update on Workover Procedures and Form S-1 Filing

DALLAS, March 20, 2014 (GLOBE NEWSWIRE) — via PRWEB – Petron Energy II, Inc. (“Petron II” or the “Company”) (PEII) Petron Energy II, Inc. provides update on progress of workover procedures conducted on twelve of its wells in Knox County, TX and the status of the Form S-1 registration statement originally filed with the Securities and Exchange Commission (“SEC”) on December 16, 2013.

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., stated, “On February 25, 2014 workover rigs had begun the first phase of operations involving plugging and abandonment work on seven wells. We are pleased to report that all plugging activities are completed. Additionally we have completed all workover procedures involving downhole pump changes and repairing tubing leaks on five wells during our second phase of operations in Knox County, TX. Currently we are waiting for approval from the Railroad Commission to return our Texas production back online, which we anticipate will happen very soon.” The company expects that production from its wells located in Texas should add and additional 8-10BO/D to its current production levels.

Smith goes on to say, “We are very excited to announce that we have made consistent progress regarding the status of the Company’s most recent Form S-1 registration statement filed with the SEC on December 16, 2013. It is important to note that once the Form S-1 registration statement becomes effective, the Company will be able to immediately begin drawing down working capital in an amount up to $10 Million Dollars without any delay.” Smith further states, “We have had two rounds of comments which we have answered successfully and since 90 days has passed from the initial filing date of our Form S-1, we have been asked to update our financials. Our Form 10-K Annual Report is due on March 31, 2014. We intend on filing our 10-K Annual Report on time and immediately afterwards we plan to file an amended Form S-1 with our most current financials. As a result, we hope to have our Form S-1 deemed effective very soon.” 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.