|Stock:||Petron Energy II Inc|
|Industry:||Oil & Gas Drilling & Exploration|
|Petron Energy II, Inc., formerly Restaurant Concepts of America Inc., is engaged in developing oil and gas properties. The Company is operating in Oklahoma and Texas properties. In Oklahoma property, the Company purchased a 75% interest in approximately 2600 acres with 59 wells in Wagoner and Tulsa Counties, Oklahoma. The Company has 56 existing wells and three newly drilled wells. This acreage has 5 to 7 payzones, which are producing oil, gas and or both commodities. In Texas property, the Company agreed to acquire approximately 2800 acres in Munday (Knox County) Texas, this property is comprised of 48 wells. The property has 34 of 48 wells producing commercial quantities of oil.|
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