Thursday, June 12, 2014 9:03:11 AM
$PEII's Oil and Gas Properties in Texas and Oklahoma:
Texas Property:
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 Property:
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.
Texas Property:
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 Property:
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.
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