DALLAS, Oct. 3, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (OTCQB:PEII) Petron Energy II, Inc. updates Gerner and Gerner Trust projects.
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, the transportation of natural gas through its pipeline subsidiary and well servicing through its servicing subsidiary. The Company's operations are based in the United States.
This morning Petron Energy II, Inc. announced that it completed drilling on each of the new wells drilled on its Gerner and Gerner Trust leases respectively. The Company reports that each well was drilled offsetting wells previously drilled on both leases. During drilling operations, oil began to flow into the pits when drilling through the desired payzone for each well.
Floyd Smith, President and CEO of Petron Energy II, Inc. states, "We are very pleased with the results of each well, when shallow wells produce oil during drilling operations usually it is a very positive sign for the potential of commercial oil production."
The Company plans to stimulate and complete each well for production within the next 10-14 days and if successful have each well online with commercial oil production during the month of October.
Floyd Smith, President and CEO of Petron Energy II, Inc. goes on to say, "These new wells are part of 5 wells, we are hopeful that each well will be instrumental in achieving our projected short term goal to increase our oil production rates to 100+ barrels of oil per day."
The Company's goal is to increase daily production to an estimated range of 110+ barrels of oil per day within 90 days. The Company will report results as soon as they are available.
About Petron Energy II, Inc.:
Petron Energy II, Inc. is a Dallas-based, oil and gas exploration and production company. For further information about the company, please visit our website http://www.petronenergyii.com .
Contact:
Investor Relations Contact:
Synergy: 888-259-9173
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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Petron Energy II, Inc. Floyd Smith +1 (972) 272-8190
