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Anything from PEII’s CEO since this update?
Petron Energy II, Inc.
17950 Preston Road, Suite 960
Dallas, TX 75252
972.272.8190 • 972.485.1324 Fax
March 21, 2017
Dear Shareholder:
The intent of this letter is to provide an update to our shareholders regarding current company status and inform shareholders of our plans for moving Petron forward in the future. Additionally, we want to confirm our commitment to finishing what we all started together!
Regarding our current company status, we have three primary objectives which must be solved before we can move our company forward. The first objective involves completing current efforts towards raising operational capital from investment banker Major Asset Group, LLC (MAG). We have a signed contract which commits MAG to fund Petron. Based on information from the investment group, they appear to be close to completing their funding. MAG has informed us that once their funding is finalized, Petron would be funded according to our contract. This is the second funding group we have engaged during the past several months. Regrettably, most of our time was spent with the first group Sayegh & Associates, which were not able to secure any funding commitments on behalf of Petron. MAG has demonstrated a higher level of transparency and executed a funding agreement with Petron based on the strength of our development plans. It is our belief that we will have all funding efforts completed soon with MAG.
The second objective is directly tied to our funding; it involves negotiating final payoffs to a group of convertible debt creditors. This collective group holds conversion rights to a significant number of PEII free trading shares which were received from executing various funding transactions with PEII. Upon conversion, this block of free trading shares held by group members allows them to sell on the open stock market. The challenge created for Petron by this group is their historical unwillingness to sell their shares in a responsible way. Unfortunately each member has sold their block of shares in an extremely aggressive way which has contributed enormously to suppressing our PEII share price to its current position. Our plan is to use a portion of the raised funds to secure buyouts for each member in the group in order to avoid future pressure on PEII’s stock price; once they are removed it clears the path forward for PEII and its remaining shareholders to have a stock unencumbered by convertible debt creditors.
The third objective addresses our plans for Petron's move forward. Nothing has changed regarding our game plan to develop "Shallow Well" leases to scale. With current oil prices in the range of $48 - 50 per barrel coupled with our current development cost to produce a barrel of oil at $16, market conditions support our narrative that the current financial climate is still very favorable to create a very strong company and increase shareholder value. Our efforts to scale the growth of the company will center on our current pipeline infrastructure which provide access to approximately 400,000+/- acres. Many of the leases within our targeted area already possess equipment assets. It is expected that some equipment modifications will be needed to bring these assets up to acceptable operational levels.
This is a very important time in the growth of PEII and we are working very hard to meet the challenges we face on a daily basis to accomplish the goals we have set. I look forward to our next update letter where I hope to announce that all funding efforts have been successfully completed.
We feel very optimistic about the future of PEII!
With My Most Sincere Regards,
Floyd L. Smith
CEO
yes it is, but I was speaking on them getting an extension when they have not even answered prior notices and it results to an order for a hearing. Good for you They never communicate back to me! Financing that's hilarious!
Smith on record for $200k per year and CFO $90k.
Living in a fantasy world! Time has run out for this company. How are they going to get financing without financials which are why they are delinquent? That's the okie doke answer by CFO Bob Currier. What does Floyd Smith have to say? He may be in China by now where he has stashed the "get-away" loot. Going to try to file bankruptcy to cover this up but not going to work.
where is all the "THE GOOD FORTUNE" that is suppose to happen. you guys will not even post anymore! go figure that one out. IMO that first Nevada filing was a pump tactic. who spends over $3k to file for someone else?
Sorry!
I feel you Bro.
if you guys only have one share, you have been in it for a very long time. a partial share rounded up to one share possibly
the ironic thing here is PEII has never defended itself. you would think something would be said to let shareholder and potential shareholder know it was fraudulent. I even emailed them and asked, with no response. May have been better if someone else was CEO, Floyd L Smith has done NOTHING. There is a crook in the road ahead!
http://www.clippercorporatepartners.com/2018/07/luke-zouvas-goose-is-finally-cooked.html
Petron is going to be cooked real soon!!
Looks like Petron's attorney is in some more trouble. Where is Floyd Smith?
Is he hiding out? He is next, you can run but can't hide.
https://www.justice.gov/usao-sdca/pr/eight-defendants-indicted-stock-fraud-related-offenses
you really think it's that good huh? i have Been waiting 7 years for what you expect in a few months. What happened to Floyd Smith CEO?
They are all in denial. They will fade away just like the one's from 5 years ago that Got left holding the bag. If anyone get enough shares that are worth anything, the reverse split comes. Can you believe 1 for 1500. SMH
What do you mean unpaid salaries and new puppet?
What have they been doing all this time. They can't even announce a director pasted or there has been a change in officers even though it's only one holding multiple offices. last financials show about $40mil in debt in a 3 year span. They have absolutely zero.
Who is the CEO? State of Nevada has Robert Walker. Website been the same since 2011.
toot toot $PEII
We all are waiting for NEWS. GOOD LUCK, I hope the run does come. 4 - 5 years without a peep just don't give you must to look forward to!
how long you been with peii, have you made any real cash? are you waiting for this to exploded?
-$PEII -$PEII the bear is ready to crap in the woods.
THIS IS A SCAM
According to the SEC and FBI. Don't be in denial. it don't take much to find that you can even do it when you riding to the next hole.
"caught up"? that was positive action to scam. if you so confident dropped the motherload down and wait. you'll be a rich man, NOT!
google Robert Vesco, his daddy, dead now but died a fugitive. who do you think owned energy one and the other companies peii acquired during merger.
sounds about right to me CHS1. They blowing smoke to mask what the real deal is. I think Mr Smith never had control, just a man on a string. All the legal counsel they had are up on charges, pumping and manufacturing shells. Now some guy named Walker is in control according to NV filing and company still has not released any statements or filed any EDGAR filings.
before anyone purchase too many shares be mindful Petron II has a 1500 to 1 split on file. I suspect it will happen again then the price goes down like before leaving everyone high and dry with nothing.
Well, look like Robert Walker is in control. Floyd Smith's name does not appear on the NV filing. I believe Smith was never really in control anyway. Company never made money but in $40 million debt, go figure. How could Vesco get so many shares? This thing has been questionable from the start (the reverse merger)
PUMP DAY!!!!
the president, treasurer and director is Robert Walker as list now when they were Floyd Smith. You would think there would be some filing stating the change. that is why I say FISHY
did they explain why there is a change in executives and director? sounds fishy, they have not filed in so long should not be that hard.
how do you know about upcoming news
same old song and dance.
Unc you are so right!
gonna skyrocket, going thru the roof, floodgates will open tomorrow
ME EITHER!!
My question is with the new website up and running why the Garret Leases are not acknowledged as an asset?
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, 2012 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.
SUBSIDIARIES
1.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 two gas gathering systems located in Tulsa, Wagoner, Rogers and Mayes counties of Oklahoma, one of which is fully operational. The pipeline consists of approximately 132 miles of steel and poly pipe, a gas processing plant and other ancillary equipment.
2.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.
TEXAS PROPERTIES
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.
OKLAHOMA PROPERTIES
Petron purchased a 75% stake in approximately 1100 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.
TX-OK-V2
yeah, seen that with this before
if the value is $1800 before RS it will be $1800 after with less shares.
i stop giving my money long ago. he has never done what he promised IMO. been playing that production tune since 2000 same leases except knox under Petron Inc.
just looking
Bernie, are you buying?
yep, all a game. if you know the rules you stand a better chance