This correspondence will provide updates on the closing of the One Energy International (OEI) assets, progress on our audit, closing of the shell, update our development plan of action and the next steps to finalize our goal of making Petron Energy II, Inc. a publicly traded company.
On August 8, 2011 we closed on the One Energy International (OEI) assets. We took over operations on August 8, 2011 and currently our team is developing a game plan which will allow the return of 34 wells back to commercial production. The work will begin within the next 7 – 10 days and will be performed by Petron Energy II Well Service, Inc. We have identified the first 10 wells to workover and we expect modest production results. The OEI acquisition is an important value add because it increases PEII balance sheet value, additionally we have 35 new international shareholders. This acquisition provides us an international foot print to raise investment capital in Europe, Asia and the Pacific Rim. These international relationships will be nurtured and developed with the assistance of a contracted consulting partner ASL, LLC. The firm is headed by Dan Vesco the former CEO of OEI. We have planned a trip during September 16 – 28, 2011 to meet and present the PE II investment opportunity to our Denmark and French shareholders and new investors who have expressed strong interest in investing in our company.
In my previous August shareholder letter, I stated that we were waiting to receive final approval from FENRA regarding relisting the shell on the OTCBB. We received FENRA approval on August 2, 2011. On August 9, 2011 we closed on the shell. Our company took a major step forward in securing its path toward becoming a publicly traded company on August 9, 2011. At 8:00 am on August 10, 2011 we took official control of the shell. We filed an 8k filing with the SEC announcing change of control which can be viewed at the following link: http://www.sec.gov/Archives/edgar/data/1467434/000143209311000552/restconcepts8k080911.htm
The name of the shell is Restaurant Concepts of America, Inc and the stock symbol is RCNC.OB. Currently we are preparing another 8k filing which will request the name change from present name to Petron Energy II, Inc, further we are requesting a forward stock split of 100:1, new stock symbol (we submitted 3 symbols), and cusip #. Additionally in this filing we requested the removal of the “shell” designation; these steps will allow PE II to become the new face of RCNC.OB. We were able to purchase 100% of the shares of Restaurant Concepts which means we have control over who has our company shares. This total purchase of shares is critical when we begin to consider implementation of our Investor Relations Awareness Campaign, our campaign will officially begin when we receive FENRA approval on the previously mentioned items. We anticipate approval from FENRA by the end of September on all requested items.
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