DALLAS, TX -- (Marketwired) -- 04/22/13 -- Petron Energy II, Inc. (PEII) (OTCBB: PEIID) (PINKSHEETS: PEIIE) announced today that it closed on a $5,000,000 line of credit facility with TCA Global Credit Master Fund, LP.
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, "We are extremely pleased to announce the closing of this $5,000,000 facility. This facility represents a pathway for our company to have more consistency with work over procedures involving the 'shallow' wells we own in the Oklahoma and Texas markets and we hope to increase our revenues and production significantly. Our management team has worked very hard to secure this Line of Credit Facility and I am very proud of all of our efforts in this regard." Smith goes on to say, "We have received the first tranche and have identified four wells in the Oklahoma market which we will work over and complete for production."
Work will begin in 3 days and should be completed by May 15, 2013.
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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