DALLAS, TX -- (Marketwire) -- 08/21/12 -- Petron Energy II, Inc. (OTCBB: PEII) announced today its progress report on 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 May press release we stated, 'We began rework operations on our Wagoner and Tulsa County, Oklahoma projects where we own 58 existing 'shallow' wells. Operations have been focused in primarily two areas, reworking wells and performing maintenance on our midstream system.' We have successfully recompleted the Gerner Trust #1 well in the Dutcher payzone, our cumulative production has improved by (9BOE/D or 70%)."
Smith goes on to say, "We have also increased our cumulative natural gas production by (84MCF/D or 400%) in our pipeline subsidiary. Additionally, now that all maintenance is completed, we are preparing to lower our pipeline line pressure which should add further improvement to our natural gas production rate."
Smith further states, "We have recompleted the Gerner #1, Hughes #4, and the Brandt #1 wells in the Bergen and Dutcher payzones respectfully and expect to have production results to report soon."
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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