(As per 10Q dated 05/23/2014)
Outstanding Shares: 4,509,919,265
Authorized Shares: 15,000,000,000 Recent Radio Interview with CEO http://www.blogtalkradio.com/moneyforlunch/2014/06/30/bert-martinez-speaks-with-chris-haddon-floyd-smith-and-guests Dallas, TX, May 29, 2014 (PRWeb.com via COMTEX) -- Petron Energy II, Inc. ("Petron II" or the "Company") (OTCBB: PEII) Petron Energy II, Inc. provides update on its Knox County, TX leases.
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.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, "On March 28, 2014 we announced that all workover procedures would be completed by April 15, 2014. We have completed all workovers and have submitted all paperwork including our P-5 renewal application to the Railroad Commission (RRC). The RRC currently is reviewing our application which should be completed very soon, once we receive final approval we will move immediately to return our Texas wells to commercial production. The company expects its Texas production should add an additional 8-10 barrels of oil per day immediately." The next major phase of Texas operations for the company will involve the development of the Redder Lease.
Smith goes on to say, "The Redder lease is the largest of our Texas leases and is the final of three leases we have planned for secondary recovery development in our 2014 CAPEX budget. The projected daily oil production rate once all three leases are online is 150 - 200 barrels of oil per day. These three leases are the primary drivers behind why we have projected Petron II to become profitable this year." We will provide more updates as they become available.
The mission of Petron Energy II, Inc. (PEII)
…is to create an asset base consisting of oil and gas properties in low risk areas with years of proven production history. The company will increase the value of its assets through acquisitions, drilling operations and reworking existing wells. We will concentrate our development efforts in Oklahoma and Texas where we presently have 5,000 acres under lease. These contain 93 existing wells which will require rework operations to attempt reestablishing commercial production.
…is to acquire assets in proven areas with multiple pay zones, manage development cost and take advantage of new technology to maximize daily production rates.
Our target market is the Woodford Shale in Northeast Oklahoma and the Tannehill Sand in Texas, each offer high success rates and the potential for long term cash flow.
Petron Energy II, Inc. is engaged primarily in the acquisition, development, production, exploration for and the sale of oil, gas and gas liquids in the United States. As of December 31, 2011 the Company is operating in the states of Texas and Oklahoma. The Company sells its oil and gas products primarily to a domestic pipeline and to another oil company.
- Petron Energy II Pipeline, Inc. is engaged primarily in the transmission of gas and gas liquids for its own wells and third party wells in the United States. As of December 31, 2012 the Company is operating in the state of Oklahoma. In addition, the Company owns and operates two gas gathering systems located in Tulsa, Wagoner, Rogers and Mayes counties of Oklahoma. The pipeline consists of approximately 132 miles of steel and poly pipe, a gas processing plant and other ancillary equipment.
- Petron Energy II Well Service, Inc. is engaged primarily in Well Service operation for its own wells currently and expects to begin well service operations for third party operators in the future. As of December 31, 2012 the Company is operating in the states of Oklahoma and Texas. The Company owns all of its equipment used in the Petron Energy II Well Service, Inc.
The company recently agreed to acquire approximately 2800 acres in Munday (Knox County) Texas, this property is comprised of 48 wells. The property has 34 of 48 existing wells capable of producing commercial quantities of oil. We are reviewing the property for further producing zones which may be available.
Petron purchased a 75% stake in approximately 2600 acres with 59 wells in Wagoner and Tulsa Counties, Oklahoma. We have 56 existing wells and 3 newly drilled wells. This acreage has 5 to 7 payzones, which are capable of producing oil, gas and or both commodities.
The company has purchased 75% equity stake in a 105 mile pipeline gas system, Petron Energy II Pipeline, Inc. The pipeline system extends from Wagoner County into Tulsa County Oklahoma. This system is critical to our development in the area because it provides us access to deliver our gas to market at minimal cost. We believe our ownership of the gas pipeline system will provide us opportunities to grow our acreage as we are the only transporter of natural gas in the area.
The company has also purchased a 75% stake in a second gas pipeline system, Petron Energy II TNT, Inc. This pipeline system extends 30 miles through Wagoner, Mayes, Rogers and Tulsa Counties Oklahoma. There were over 450+ wells drilled and tested in anticipation of the completion of this gas system. This system provides access to a natural gas market for us along with development opportunities for the company. Petron Energy II TNT pipeline is the only gathering system to transport natural gas the area.
Early production results reported January 15, 2014 http://www.prweb.com/releases/2014/01/prweb11490864.htm
Natural gas production update August 06, 2013 http://www.marketwired.com/press-release/petron-energy-ii-inc-reports-50-increase-natural-gas-production-from-rework-operations-otcbb-peii-1818014.htm