Petron Energy II Inc. (OTC: PEII) reports a 30% increase in production from its Edwards leases in Oklahoma.
"We are very pleased with the production results of the Edwards leases; we have implemented 20% of our secondary recovery plan for the Edwards leases which involves reworking and re-pressurizing wells in the Wilcox and Dutcher pay zones. We believe as we continue to rework wells in the Wilcox and Dutcher zones we should realize further production improvements," Floyd Smith, president and CEO, said in the release.
The company stated in its previous press release that it had a total of 18 leases to equip for secondary recovery operations.
"In our August 22, 2013 press release we stated the company had tentatively scheduled fracture stimulation treatment for the LaNina and Covenant wells for mid September; due to scheduling delays on the part of our fracture stimulation contractor we were unable to meet the mid September timeline and are currently waiting for their arrival on location to complete the stimulation work on both wells. Our contractor informed us that they are running three to four weeks behind in their scheduling," Smith said.
The company stated each new zone scheduled for stimulation in the LaNina and Covenant wells has a proven production history for producing both oil and natural gas.
"As we previously mentioned, the swab tests we conducted proved conclusively the presence of oil in both wells and historical data suggests that these wells could become Petron's biggest producers to date once they are re-completed in their new pay zones. The company will report updated production news for both wells as soon as results are available," Smith said.
Petron Energy II Inc. is an independent energy company engaged in the acquisition, development, exploration for, production, and sale of oil, gas, and gas liquids in Texas and Oklahoma. The company is based in Dallas.