This article was originally distributed via PRWeb. PRWeb, WorldNow and this Site make no warranties or representations in connection therewith.
Petron II provides update on Knox County, TX
Dallas, TX (PRWEB) February 25, 2014
Petron Energy II, Inc. (Petron II or the Company) (OTCBB: PEII) Petron Energy II, Inc. begin workover procedures on its Knox County, TX leases.
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 Companys operations are based in the United States.
Floyd Smith, President and CEO of Petron Energy II, Inc., states, On February 17, 2014 workover rigs moved on location to begin plugging work on seven wells, all plugging work should be completed on February 28. Once plugging work is completed we will immediately begin workover procedures involving downhole pump changes and repairing tubing leaks on 11 wells, all workover procedures are expected to be completed by March 15, 2014 at such time we will return our Texas production back online. The company expects the Texas production should add and additional 8-10BO/D.
Smith goes on to say, Once we have completed all procedures in Texas, we intend on moving all workover operations back to Oklahoma where we will finalize the secondary recovery setup for our Snyder/Simon lease. We should have all setup procedures executed by April 7, 2014. Although we have 20 leases, this particular lease is the first of three large acreage leases we expect to have online this year. These three leases are the primary drivers concerning why we have projected Petron II to become profitable this year. We will provide more updates as they become available."
About Petron Energy II, Inc.: Petron Energy II, Inc. is a Dallas-based, oil and gas exploration and production company. For further information about the Company, please visit our website http://www.petronenergyii.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" (statements which are not historical facts) made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward- looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include, but are not limited to, the time to consummate the proposed development, completion and extraction; the timing and extent of changes in market conditions and prices for natural gas and oil; the timing and extent of the Company's success in discovering, developing, producing and estimating reserves; the economic viability of, and the Company's success in drilling, the Company's ability to fund the acquisition, development, completion and extraction of oil and gas assets and the Company's planned capital investments; the Company's future property acquisition or divestiture activities; increased competition; and any other factors listed in the reports the Company has filed and may file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date they were made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.
For the original version on PRWeb visit: http://www.prweb.com/releases/2014/02/prweb11613478.htm
Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.