SOURCE: Petron Energy II, Inc.
DALLAS, TX--(Marketwire - Dec 19, 2012) - Petron Energy II, Inc. (PEII) (OTCBB: PEII) announced today its progress report on rework operations in Oklahoma.
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, transporting natural gas through its pipeline subsidiary and well servicing through its servicing subsidiary, in the United States.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, "In our August press release we stated we began rework operations on our Wagoner and Tulsa County, Oklahoma projects where we own 58 existing 'shallow' wells. Operations were focused in two areas: reworking wells and performing maintenance on our midstream system. We have successfully recompleted the Gerner #1 and Hughes #4 wells in the Dutcher payzone. However prior to returning these wells back to commercial production we detected we were still experiencing gas loss on the section of our midstream system which services these wells. We have successfully completed maintenance operations within the previous two weeks on this section of our midstream system and eliminated further gas loss. The Gerner #1, Gerner Trust #1 and the Hughes #4 have been returned back to commercial production; we expect production to level out within the next 10-14 days."
Smith goes on to say, "Our current cumulative natural gas production is (45MCF/D), and we estimate our daily gas production rate should increase (112.5MCF/D or 125%) from current levels when we complete maintenance operations on a new section of line in our midstream system."
Smith further states, "We have recompleted the Brandt #1 wells in the Dutcher payzones respectfully and expect to have production results to report soon."
About Petron Energy II, Inc.:
Petron Energy II, Inc. is a Dallas-based, oil and gas exploration and production company. For further information on the Company, please visit our website www.petronenergyii.com.
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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. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward- looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include, but are not limited to, the time to consummate the proposed development, completion and extraction; the timing and extent of changes in market conditions and prices for natural gas and oil; the timing and extent of the Company's success in discovering, developing, producing and estimating reserves; the economic viability of, and the Company's success in drilling, the Company's ability to fund the acquisition, development, completion and extraction of oil and gas assets and the Company's planned capital investments; the Company's future property acquisition or divestiture activities; increased competition; and any other factors listed in the reports the Company has filed and may file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date they were made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.