DALLAS, TX -- (Marketwire) -- 12/20/12 -- Petron Energy II, Inc. (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 December press release we stated we began rework operations on our Wagoner and Tulsa County, Oklahoma projects where we currently own 58 existing 'shallow' wells. Operations are focused in two areas, reworking wells and performing maintenance on our midstream system."
Smith states, "We have successfully recompleted the Gerner #1 well in the Burgen payzone. Our recompletion efforts involved installing a larger pump jack to produce more of the fluid the well is currently producing. After successfully installing the larger pump jack we were successful in improving the amount of fluid produced, also we achieved the added bonus of increasing our daily oil rate from 0.84BO/D to 3BO/D. However, after further analysis we have determined that our pump jack is not adequately producing fluid at the same rate the well produces fluid. To increase the fluid level produced by our pump jack we are preparing to increase the size of the pump jack as we did previously. The larger model pump jack is equipped to handle 400-600 barrels of fluid per day; we have determined that this is the range of fluid the well produces daily." Additionally Smith states, "We believe that once our pump jack is able to produce the fluid the well produces, the Gerner #1 daily oil production rate is estimated at 6-8BO/D. We expect rework procedures to be completed within the next 10-14 days."
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.
Notice Regarding Forward-Looking Statements
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.
Petron Energy II, Inc.
17950 Preston Road, Suite 960
Dallas, TX 75252
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