Petron Energy II, Inc. signs Acquisition Agreement to purchase Garrett Lease in Creek County, OK.
Floyd Smith, President and CEO of Petron Energy II, Inc., states "On June 2, 2014 we announced that we signed an acquisition agreement and tendered the initial down payment with Mr. Bill Sperling to purchase the Garrett Lease which has existing wells. As of this morning we announced that we have closed on the purchase of the Garrett Lease. One of the key wells we intend to attempt a recompletion is the Garrett #3; the Garrett #3 well has a 3 well developed pay zones which we will test for commercial production. Our geologist and a third party petroleum engineer have reviewed the Garrett #3 logs and found them to have all of the key components for oil; based on their log analysis."