PEII News> Petron Energy II, Inc. Announces Drilling Operations on Its Gerner and Gerner Trust Leases in Tulsa County, OK
Petron Energy II, Inc. to Drill on the Gerner and Gerner Trust Leases
Petron Energy II, Inc.
GlobeNewswire
DALLAS, Aug. 28, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (PEII) reports drilling operations on its Gerner and Gerner Trust leases in Tulsa County, OK.
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 will drill two new wells; one well will be drilled on its Gerner lease and a second well will be drilled on its Gerner Trust lease. Drilling is scheduled to commence September 15, 2014; both wells are expected to be drilled and logged by September 19, 2014. The company reports that each well will be offset wells to previously drilled wells on both leases.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, "We are offsetting our Gerner #2 well, which had an initial production rate of 45 barrels of oil per day, and the Gerner Trust #1 well, which tested over 1.5 million cubic feet of gas per day. The Gerner #2 well generated a 4:1 ROI, and the Gerner Trust #1 well experienced complications during completion operations. Naturally we are very excited to have another opportunity to drill on both leases; each lease provides the potential for tremendous upside and production growth."
The company has set a goal to increase its daily production rate to an estimated range of 110 - 120 barrels of oil per day within in 90 days, and it believes these wells could be important factors in achieving its goal. The company will report results as soon as they are available.
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