DALLAS, TX -- (Marketwire) -- 02/19/13 -- Petron Energy II, Inc. (OTCBB: PEIID) announces rework operations on its Knox County, Texas project.
Petron II has 2300 acres under lease in Knox County, TX. The acreage is comprised of 48 existing oil wells. The Texas market fits the business model of the company which involves developing and enhancing proven production in existing fields. Petron II expects growth in its asset base through planned lease acquisitions and the drill bit.
Petron II's President and CEO Floyd L. Smith said, "We have successfully reworked seven wells on several Texas leases and are very pleased to report our rework operations have achieved a cumulative total of 15BO/D from the Texas properties. Currently our combined cumulative daily production is 26BOE/D, representing a 136% increase in daily production." The company will continue to perform further procedures on both Texas and Oklahoma properties. Smith stated, "We have successfully performed acid flush treatments on two older wells in Texas with good results and expect to do more, if our test are consistent with previous results we intend to expand this procedure to every well within the field. Production improvements in these wells should provide the company with improved daily production, cash flow and reserves sometime during the end of the second quarter."
Smith goes on to say, "Petron II is able to control operational costs by performing all well servicing activities on company wells through its subsidiary Petron Energy II Well Service, Inc." This is one of the ways the company believes it can create additional value for the parent company.
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.
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