Petron II has 1100 acres under lease in Wagoner and Tulsa County. The acreage is comprised of 58 existing oil and gas wells. The Oklahoma 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 new lease acquisitions and the drill bit.
Petron II President and CEO Floyd L. Smith said, "We are very pleased with the engagement of rework operations in the Oklahoma market. When considering the proven production history this area has enjoyed for over a century, we believe the initial five wells targeted should provide the company with a unique upside in improving cash flow, and reserves in the next quarter." Smith further states, "We are hopeful that reworking these wells will increase our daily production to 30BOE per day."