Petron Energy II Inc (fka PEII)

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Great News Here Lately For $PEII IMO

DALLAS, Texas, Oct. 30, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Petron Energy II, Inc. ("Petron II" or the "Company") (PEII) Petron Energy II, Inc., signs Letter of Intent to purchase minority interest from Phoenix Energy, Inc. in Bakken Shale Deal.

Floyd Smith, President and CEO of Petron Energy II, Inc., states, "The Bakken play in North Dakota is one of the hottest oil plays in the energy space. We have monitored this particular minority interest owned by Phoenix Energy, Inc. for the past few months as a possible addition to the non-op section of our portfolio. We feel the timing is right to proceed in acquiring a 5% minority position in 6 wells in the Bakken Shale. Additionally, the company can increase its non-op position by purchasing additional interest from current Phoenix Energy, Inc. holdings in the Bakken play."

Smith goes on to say, "Reserve estimates project each of the 6 wells to have oil reserves of 600,000 barrels recoverable from the Bakken and 800,000 barrels recoverable from the Red River and Interlake formations." Smith further states, "The conservative reserve value of the 5% to Petron II is projected to be $10.5 million dollars. We have begun our due diligence and expect to complete the process by mid November."