Thursday, July 25, 2013

$PEII Continues Its 2 Day Massive Rally



Petron Energy II, Inc. Reports Update on LaNina and Covenant Wells and Also Announces Additional 15% Production Increase From Several Wells in Its Oklahoma Properties

DALLAS, TX, Jul 25, 2013 (Marketwired via COMTEX) -- Petron Energy II, Inc. (OTCBB: PEII) announces update on early production progress of 2 new wells and a 15% increase from rework operations in Oklahoma.
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, "After positive results from our swab test we scheduled sand fracture stimulation treatments on the Covenant #5 and the LaNina #2 and we expected production results in the next 10 days. We successfully fractured each well and recently put the wells online, and although it is still early each well is moving an acceptable level of fluid and we have an oil cut in our LaNina #2 well which is very positive. The LaNina well was the first well we put online and the Covenant #5 followed later."
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."
Smith further states, "In additional rework operations we realized a 15% increase in production, as we continue to rework more wells we expect more increases."
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.

1 comment:

Thomas Waugh said...

It's good, informative & also useful in a way. Thanks...



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