Petron Energy II Inc (fka PEII)

[JackStraw]

PEII gives progress update and guidance on potential oil find on Lanina and Covenant.

Smith went on to say, "When we consider the historical production experienced from two adjacent wells (Potis and TJS wells), which produced from the same pay zone the LaNina and Covenant wells are producing from we are very encouraged by the potential production increase. The Potis well had initial production of 70BO/D and the TJS well had initial production of 50BO/D. While we are in the early stages of results for both the LaNina and Covenant wells, if each well experienced the type of production results as the Potis and TJS wells it would make our LaNina and Covenant wells the biggest producing wells in Petron II's history. We expect production results on the LaNina #2 and Covenant #5 very soon and will report results to the market as soon as they are available."