Petron Energy II, Inc.Provides Update on Workover Procedures and Form S-1 Filing
21 March 2014 - 12:36AM
Dallas, TX (PRWEB) March 20, 2014
Petron Energy II, Inc. (“Petron II” or the “Company”) (OTCBB:
PEII) Petron Energy II, Inc. provides update on progress of
workover procedures conducted on twelve of its wells in Knox
County, TX and the status of the Form S-1 registration statement
originally filed with the Securities and Exchange Commission
(“SEC”) on December 16, 2013.
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 Company�™s operations are based in the
United States.
Floyd Smith, President and CEO of Petron Energy II, Inc.,
stated, “On February 25, 2014 workover rigs had begun the first
phase of operations involving plugging and abandonment work on
seven wells. We are pleased to report that all plugging activities
are completed. Additionally we have completed all workover
procedures involving downhole pump changes and repairing tubing
leaks on five wells during our second phase of operations in Knox
County, TX. Currently we are waiting for approval from the Railroad
Commission to return our Texas production back online, which we
anticipate will happen very soon.” The company expects that
production from its wells located in Texas should add and
additional 8-10BO/D to its current production levels.
Smith goes on to say, “We are very excited to announce that we
have made consistent progress regarding the status of the
Company�™s most recent Form S-1 registration statement filed with
the SEC on December 16, 2013. It is important to note that once the
Form S-1 registration statement becomes effective, the Company will
be able to immediately begin drawing down working capital in an
amount up to $10 Million Dollars without any delay.” Smith further
states, “We have had two rounds of comments which we have answered
successfully and since 90 days has passed from the initial filing
date of our Form S-1, we have been asked to update our financials.
Our Form 10-K Annual Report is due on March 31, 2014. We intend on
filing our 10-K Annual Report on time and immediately afterwards we
plan to file an amended Form S-1 with our most current financials.
As a result, we hope to have our Form S-1 deemed effective very
soon.” 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.
Contact: Floyd Smith fsmith(at)petronenergy(dot)net
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
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Forward-looking statements are based on current expectations rather
than historical facts and they are indicated by words or phrases
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We have based such forward-looking statements on our current
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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.