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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