DALLAS, TX--(Marketwired - Aug 1, 2013) - Petron Energy II, Inc. (
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, transporting natural gas through its pipeline subsidiary and well servicing through its servicing subsidiary, in the United States.
Floyd Smith, President and CEO of Petron Energy II, Inc. states, "In our July 11, 2013, press release we stated we expected to report production news on the LaNina #2 and Covenant #5 wells in 10 days. We had a temporary setback that has been addressed. This slight delay restarted our adjustment period to determine the optimal production level for each well. Our salt water injection well experienced mechanical problems and shut down. We ordered the parts needed to repair the injection well and took delivery of all parts three days after placing our order and fixed the problem."
Smith goes on to say, "We have placed both wells back online and have begun to make adjustments to both wells which is typical during this period as we seek to determine what will be the most acceptable level of production for each well. We have great expectations for each well, so getting this right is critical to our company and we will leave no stone unturned while working to maximize the production potential for each well."
Smith further states, "As we mentioned in our last press release if each well experiences the type of production results as the Potis and TJS adjacent wells which produced 70 and 50 BO/D respectively, it would make our LaNina and Covenant wells the largest producing wells in Petron II's history. We will report updated production news for the LaNina #2 and Covenant #5 as soon as it is 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 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.