Daily News: April 22, 2013

Petron Energy Closes $5MM Credit Line With TCA Global

Petron Energy II announced that it closed on a $5 million line of credit facility with TCA Global Credit Master Fund.

Petron Energy II, together with its subsidiaries, engages in the acquisition and development of properties for the production of crude oil and natural gas, transporting natural gas through its pipeline subsidiary and well servicing through its servicing subsidiary in the United States.

Floyd Smith, president and CEO of Petron Energy II, said, “We are extremely pleased to announce the closing of this $5 million facility. This facility represents a pathway for our company to have more consistency with work over procedures involving the ‘shallow’ wells we own in the Oklahoma and Texas markets and we hope to increase our revenues and production significantly. Our management team has worked very hard to secure this line of credit facility and I am very proud of all of our efforts in this regard.”

Smith went on to say, “We have received the first tranche and have identified four wells in the Oklahoma market which we will work over and complete for production.”

Petron Energy II is a Dallas-based, oil and gas exploration and production company.