SOURCE: Petron Energy II, Inc.
DALLAS, TX--(Marketwire - Feb 19, 2013) - Petron Energy II, Inc. (OTCBB: PEIID) announces rework operations on its Knox County, Texas project.
Petron II has 2300 acres under lease in Knox County, TX. The acreage is comprised of 48 existing oil wells. The Texas market fits the business model of the company which involves developing and enhancing proven production in existing fields. Petron II expects growth in its asset base through planned lease acquisitions and the drill bit.
Petron II's President and CEO Floyd L. Smith said, "We have successfully reworked seven wells on several Texas leases and are very pleased to report our rework operations have achieved a cumulative total of 15BO/D from the Texas properties. Currently our combined cumulative daily production is 26BOE/D, representing a 136% increase in daily production." The company will continue to perform further procedures on both Texas and Oklahoma properties. Smith stated, "We have successfully performed acid flush treatments on two older wells in Texas with good results and expect to do more, if our test are consistent with previous results we intend to expand this procedure to every well within the field. Production improvements in these wells should provide the company with improved daily production, cash flow and reserves sometime during the end of the second quarter."
Smith goes on to say, "Petron II is able to control operational costs by performing all well servicing activities on company wells through its subsidiary Petron Energy II Well Service, Inc." This is one of the ways the company believes it can create additional value for the parent company.
About Petron Energy II, Inc.:
Petron Energy II, Inc. is a Dallas-based oil and gas exploration and production company. For further information on the Company, please visit our website www.petronenergyii.com.
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