Petron Energy II Inc. (OTC: PEII) began Enhanced Oil Recovery (EOR) procedures on its Edwards leases in Oklahoma, the company said Jan. 15. The company also gave updates on other projects.
Floyd Smith, president and CEO, said that since Dec. 4, CO2-EOR injection procedures had been started on the Edwards leases, and although Edwards has not been primed for "complete" operations, it "makes a sufficient amount of CO2 and saltwater for injection purposes."
Smith said that weekly production at the wells has increased to 71 barrels of oil, from 23. He added that pressure has been increased in the reservoir.
Smith also updated the progress of the Simon lease. “Additionally we are preparing to complete all CO2-EOR operations on our Simon lease by the end of February, making it the first fully completed operational CO2-EOR lease in our inventory," he added.
Additionally, the company completed a reservoir engineering report for its Bakken shale dealings, the offer for which closes Jan. 31, he noted
Petron Energy II, based in Dallas, is an oil and gas E&P company.