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Petron Energy Closes on $5MM Credit Line

April 22, 2013, 07:13 AM
Filed Under: Energy

Petron Energy II, Inc  closed on a $5 million line of credit facility with TCA Global Credit Master Fund, LP.

Petron Energy II, Inc., 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, Inc., states, "We are extremely pleased to announce the closing of this $5,000,000 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 goes 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, Inc. is a Dallas-based, oil and gas exploration and production company.

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