0001554795-13-000437.txt : 20130809 0001554795-13-000437.hdr.sgml : 20130809 20130809165844 ACCESSION NUMBER: 0001554795-13-000437 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130809 DATE AS OF CHANGE: 20130809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Petron Energy II, Inc. CENTRAL INDEX KEY: 0001467434 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 263121630 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-160517 FILM NUMBER: 131027256 BUSINESS ADDRESS: STREET 1: 4300 QUINLAN PARK ROAD STREET 2: SUITE 105 CITY: AUSTIN STATE: TX ZIP: 78732 BUSINESS PHONE: 512-585-5511 MAIL ADDRESS: STREET 1: 4300 QUINLAN PARK ROAD STREET 2: SUITE 105 CITY: AUSTIN STATE: TX ZIP: 78732 FORMER COMPANY: FORMER CONFORMED NAME: Restaurant Concepts of America Inc. DATE OF NAME CHANGE: 20090630 10-Q 1 peii06302013form10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☑ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2013

 

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

 

For the transition period from ______ to _______

 

Commission File Number 333-160517

 

PETRON ENERGY II, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   26-3121630
(State of incorporation)   (I.R.S. Employer Identification No.)

 

17950 Preston Road, Suite 960

Dallas, Texas 75252

(Address of principal executive offices)

 

(972) 272-8190

(Registrant’s telephone number)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☐ Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  ☑Yes ☐ No (Not required)

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

  

 Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☑

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☑ No

 

As of July 31, 2013, there were 77,984,924 shares of the registrant’s $0.001 par value common stock issued and outstanding.

 

 

.

 
 

 

PETRON ENERGY II, INC.

 

TABLE OF CONTENTS

 

      Page No.
    PART I - FINANCIAL INFORMATION  
Item 1.   Financial Statements 3
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations 9
Item 3.   Quantitative and Qualitative Disclosures About Market Risk 10
Item 4.   Controls and Procedures 10
    PART II - OTHER INFORMATION  
Item 1.   Legal Proceedings 11
Item1A.   Risk Factors 11
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 11
Item 3.   Defaults Upon Senior Securities 11
Item 4.   Mine Safety Disclosures 11
Item 5.   Other Information 11
Item 6.   Exhibits 12
    Signatures

 

 

Special Note Regarding Forward-Looking Statements

 

Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Petron Energy II, Inc. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

 

*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," "PEII," or “Petron” is in reference to Petron Energy II, Inc.

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3
 

 

 PETRON ENERGY II, INC 
  INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Page
  Consolidated Balance Sheet as of June 30, 2013 and December 31, 2012 F-2
  Consolidated Statement of Operations for the quarters and periods of six months ended June 30, 2013 and June 30, 2012 F-3
  Consolidated Statement of Cash Flows for the periods of six months ended June 30, 2013 and June 30, 2012 F-4
  Notes to Unaudited Condensed Consolidated Financial Statements F-5

 

F-1

 
 

 

PETRON ENERGY II, INC.

CONSOLIDATED BALANCE SHEET

 

   June 30,  December 31,
   2013  2012
   (unaudited)  (audited)
ASSETS          
Current Assets          
Cash  $2,098   $17,089 
Accounts Receivable   38,326    18,332 
Total Current Assets   40,424    35,421 
Pipeline, net of accumulated depreciation of $312,092 and $245,156, respectively   796,908    742,844 
Producing Oil & Gas Properties, net of accumulated depletion of $774,795 and $731,795, respectively   1,381,729    1,424,729 
Other Depreciable Equipment, net of accumulated depreciation of $59,699 and $60,985, respectively   60,122    71,915 
Other  Assets   31,553    34,790 
TOTAL ASSETS  $2,310,736   $2,309,699 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current Liabilities          
Cash Overdraft  $63,295   $—   
Accounts Payable--Trade   883,688    716,140 
Accounts Payable--Related Party   141,131    18,082 
Accrued Liabilities   578,727    375,284 
Derivative Liability   219,000    —   
Notes Payable--current   332,436    170,500 
Total Current Liabilities   2,218,277    1,280,006 
Asset Retirement Obligation   40,278    40,278 
Common Stock Issuance Liability   2,428,600    5,904,090 
Notes Payable--long-term   

275,000

    250,000 
TOTAL LIABILITIES   4,962,155    7,474,374 
STOCKHOLDERS' EQUITY          
Preferred Stock, 10,000,000 authorized, 5,911,000 designated as follows:        
Series A, $0.001 par value, 1,000 shares designated, issued and outstanding   1    1 
Series B, $0.001 par value, 5,910,000 shares designated, 2,217,818 and 5,910,000 shares issued and outstanding, respectively   2,218    5,910 
Common Stock, $0.001 par value, 1,000,000,000 shares authorized, 59,611,033 and 11,976,942 issued and outstanding, respectively   59,611    11,977 
Additional Paid-In Capital   18,814,608    14,638,660 
Accumulated Deficit   (21,527,857)   (19,821,223)
Total Stockholders' Equity   (2,651,420)   (5,164,675)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $2,310,736   $2,309,699 
           

 

The accompanying notes are an integral part of these financial statements.

 

F-2

 
 

 

PETRON ENERGY II, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

 

   Three Months Ended June 30,  Six Months Ended June 30,
   2013  2012  2013  2012
Revenues                        
     Oil & Gas Sales  $20,760   $104,942   $127,634   $195,576 
Costs and Expenses                    
     Cost of Revenue   238,697    62,493    341,997    146,979 
     Depletion and Depreciation   74,265    34,225    124,245    92,449 
     Impairment Charge   —      —      —      5,903,000 
     Derivative Expense   159,000    —      241,300    —   
     General and Administrative   781,857    480,931    982,178    1,078,293 
     Interest   89,985    —      144,548    —   
          Total Expenses   1,343,805    577,649    1,834,268    7,220,721 
     Loss from Operations Before Income Taxes   (1,323,045)   (472,707)   (1,706,634)   (7,025,145)
     Income Taxes   —      —      —      —   
     Net Loss  $(1,323,045)  $(472,707)  $(1,706,634)  $(7,025,145)
                     
Loss per share--basic and diluted  ($0.03)  ($0.04)  ($0.05)  ($0.62)
Weighted average number of shares--basic and diluted   43,346,004    11,441,592    32,873,120    11,335,660 

 

The accompanying notes are an integral part of these financial statements.

 

F-3

 
 

 

PETRON ENERGY II, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

 

   Six Months Ended June 30,
   2013  2012
OPERATING ACTIVITIES          
Net Loss  ($1,706,634)  ($7,025,145)
Adjustments to reconcile net loss to cash used by operating activities:          
     Depletion and depreciation    124,245    92,449 
Amortization of debt discount   70,800    —  
     Derivative expense   241,300    —   
     Impairment charge   —      5,903,000 
     Penalty interest   45,250    —   
     Common stock issued for services   46,500    149,483 
     Common stock issued for lawsuit settlement   138,000    —   
Change in other  asset and liabilities:          
     (Increase) Decrease in oil and gas receivables   (19,994)   21,613 
     Decrease in other assets   3,237    —   
     Increase in accounts payable   169,597    172,849 
     Increase in accrued liabilities   203,443    172,962 
Cash used in operating  activities   (684,256)   (512,789)
INVESTING ACTIVITIES          
Investment in oil and gas properties   —      (148,103)
Pipeline investment   (121,000)   —   
Accounts payable   121,000    —  
Purchase of other equipment   (2,516)   (5,500)
Cash used in investing activities   (2,516)   (153,603)
FINANCING ACTIVITIES          
Bank Overdraft   63,295    —   
Proceeds from sales of common stock   256,500    568,000 
Proceeds from notes payable   431,811    —   
Loan fees   (79,825)   —   
Cash from financing activities   671,781    568,000 
Decrease in cash   (14,991)   (98,392)
Cash at beginning of the period   17,089    106,850 
Cash at end of the period  $2,098   $8,458 
Supplemental Disclosure of Cash Flow Information          
Non-Cash Investing and Financing Activities:          
     Oil & gas properties  $—     $(5,910,000)
     Note payable   (20,800)   5,910 
     Common stock   26,067    —   
     Preferred stock   (3,692)   5,904,090 
Additional paid-in capital   3,869,515    —  
Derivative liability   (22,300)   —  
Common stock issuance liability   (3,588,490)   —  
Loan fees   (260,300)   —  
  $—    $—  

 

 

The accompanying notes are an integral part of these financial statements.

 

F-4

 
 

 

PETRON ENERGY II, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2013 and 2012

 

1. INCORPORATION AND NATURE OF OPERATIONS

Petron Energy II, Inc. (“Petron” or the “Company”) was formerly known as Petron Energy Special Corp. and was incorporated in June 2007 under the laws of the State of Texas; and, on April 2011, was reincorporated in the state of Nevada. Pursuant to a Plan of Merger, the parent company, Petron Energy Special Corp. was merged into its wholly owned subsidiary, Petron Energy II, Inc. The surviving entity was Petron Energy II, Inc. The effective date of the Plan of Merger was January 3, 2012.

The Company is engaged primarily in the acquisition, development, production, exploration for and the sale of oil, gas and gas liquids in the United States. As of June 30, 2013 the Company is operating in the states of Texas and Oklahoma. In addition, the Company operates two gas gathering systems located in Tulsa, Wagoner, Rogers and Mayes counties of Oklahoma. The pipeline consists of approximately 132 miles of steel and poly pipe, a gas processing plant and other ancillary equipment. The Company sells its oil and gas products primarily to a domestic pipeline and to another oil company.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries:

 Subsidiary Name Organization Date
Petron Energy II Pipeline, Inc. April 1, 2008
Petron Energy II Well Service, Inc. July 1, 2008

 

The interim consolidated financial statements as of June 30, 2013 and 2012 have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, these consolidated financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. These interim unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2012. In the opinion of management, the interim unaudited consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented.

 

The consolidated statements of operations reflect the results of operations of the Company for the three month and six month periods ended June 30, 2013 and 2012. Operating results for the six month period ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

 

Going concern uncertainty

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred a net loss of $1,706,634 for the six month period ended June 30, 2013 (2012 - $7,025,145) and at June 30, 2013 had an accumulated deficit of $21,527,857 (2012 – $18,520,305). While the Company has recognized revenues from operations, the revenues generated are not sufficient to sustain operations. The Company does not have sufficient funds to acquire new business assets or maintain its existing operations at this time. Management’s plan is to raise equity and/or debt financing as required but there is no certainty that such financing will be available or that it will be available at acceptable terms. The outcome of these matters cannot be predicted at this time.

These financial statements do not include any adjustments to reflect the future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

 3. LITIGATION SETTLEMENT

 

On June 27, 2013, the District Court of Dallas County, Texas issued an Agreed Final Judgment resolving the lawsuits filed against the Company and Mr. Floyd Smith, the Company’s CEO, by ASL Energy Corp. (“ASL Energy”). The Agreed Final Judgment was issued in order to confirm the settlement agreement entered into by and between the parties to the underlying lawsuits. The significant items of the settlement agreement were a cash amount of $455,000, an adjustment of the common shares issued in relation to the Series B Preferred shares conversion of 6,462,603, and issuance of common shares valued at $138,000 to an individual for services rendered.

4. RELATED PARTIES

Effective April 1, 2013, the Company entered into an agreement with Petron, Inc. to pay a management fee of $25,000 per month for the wells for which Petron, Inc. holds the operating license.

5. SUBSEQUENT EVENTS

In July 2013 the Company entered into a Liabilities Purchase Agreement with a financial entity in which designated liabilities of approximately $1,720,000, including approximately $600,000 applicable to future equipment purchases, are to be assumed by the financial entity, and once the legal claim is perfected, the Company will issue common stock to the financing entity in settlement of its claim. The stock is to be issued to the financing entity at a 25% discount from market. As of the date of this report, the claim has been filed with the court but the final decision has not been made.

 

 

F-5

 

 

 

 

[End Notes to Financial Statements] 

 
 

 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION

FORWARD-LOOKING STATEMENTS

 

This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains forward-looking statements that involve known and unknown risks, significant uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, or implied, by those forward-looking statements. You can identify forward-looking statements by the use of the words may, will, should, could, expects, plans, anticipates, believes, estimates, predicts, intends, potential, proposed, or continue or the negative of those terms. These statements are only predictions. In evaluating these statements, you should consider various factors which may cause our actual results to differ materially from any forward-looking statements. Although we believe that the exceptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

 

Results of Operations

 

For the Three Month Period Ended June 30, 2013 versus June 30, 2012

 

Revenue for the period ended June 30, 2013 was $20,760 compared to $104,942 for the period ended June 30, 2012. This was a decrease of $84,182. This decrease is due chiefly to a suspension of activity of our Knox county leases pending sending information to the Texas Rail Road Commission. As of the date of this report the information has been sent and we expect production to resume in the next few weeks.

 

Net loss for the period ended June 30, 2013 was $(1,323,045) compared to $ (472,707) for the period ended June 30, 2012. In addition to the revenue decrease noted above, we incurred derivative expense of $159,000 for which we had none last year, due to a pipeline acquisition depreciation increased approximately $35,000, the company recorded an additional $150,000 accrued expense related to a litigation settlement and approximately $124,000 of major workover projects were expensed since the company believes that this amount would have to be expensed as the result of a ceiling test.

 

General and Administrative costs for the period ended June 30, 2013 were $781,857 compared to $480,931 for the period ended June 30, 2012. This was an increase of $300,926. The above mentioned litigation accrual is the chief reason for the increase in the General and Administrative costs. The Company also incurred a one-time fee for title work on leases of approximately $40,000.

 

 

For the Six Month Period Ended June 30, 2013 versus June 30, 2012

 

Revenue for the period ended June 30, 2013 was $127,634 compared to $195,576 for the period ended June 30, 2012. This was a decrease of $67,942. This decrease is due chiefly to a suspension of activity in the second quarter of our Knox county leases pending sending information to the Texas Rail Road Commission. As of the date of this report the information has been sent and we expect production to resume in the next few weeks.

 

Net loss for the period ended June 30, 2013 was $1,706,634 compared to $7,025,145 net loss for the period ended June 30, 2012. The loss is less in 2012 due to the $5,903,000 impairment recorded in 2012 which more than offset items mentioned above.

 

General and Administrative costs for the period ended June 30, 2013 were $982,178 compared to $1,078,293 for the period ended June 30, 2012. In the first three months of 2012, the professional and consulting expenses were high enough to offset the 2013 litigation settlement accrual.

 

Liquidity and Capital Resources

 

As of June 30, 2013, the total liabilities were $2,533,555, excluding the stock issuance liability, compared to $1,570,284 for the period ended December 31, 2012. The major reasons for the increase in the liabilities is the $450,000 draw on the line-of-credit, the increase in accruals for the litigation settlement previously mentioned, and a derivative liability of $219,000 related to the Company’s convertible debt. The Company’s assets were $2,310,736 at June 30, 2013 compared to $2,309,699 for the period ended December 31, 2012.

 

Cash Requirements

 

Our cash on hand as of June 30, 2013 was $2,098 compared to $17,089 for the period ended December 31, 2012. Company has incurred a net loss of $1,706,634 for the six month period ended June 30, 2013 compared to a net loss of $7,025,145 for the period ended June 30, 2012 and at June 30, 2013 had an accumulated deficit of $21,527,857 as compared to $19,821,223 at December 31, 2012. While the Company has recognized revenues from operations, the revenues generated are not sufficient to sustain operations. The Company does not have sufficient funds to acquire new business assets or maintain its existing operations at this time. Management’s plan is to raise equity and/or debt financing as required but there is no certainty that such financing will be available or that it will be available at acceptable terms. The outcome of these matters cannot be predicted at this time.

9
 

 

Off-Balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

 

Contractual Obligations

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

Future Financings

 

We will continue to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

 

Critical Accounting Policies

 

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

 

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in note 2 of the notes to our financial statements. In general, management's estimates are based on historical experience, information from third party professionals, and various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

 

Recently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

(a) Evaluation of disclosure controls and procedures. Our Chief Executive Officer and Principal Financial Officer, after evaluating the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934, as amended (“Exchange Act”) Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this quarterly report (the "Evaluation Date"), has concluded that as of the Evaluation Date, our disclosure controls and procedures were not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

Based on this evaluation, our principal executive and principal financial and accounting officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were not effective.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

10
 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

From time to time, the Company may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although the Company cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and legal advice and may be adjusted from time to time according to developments.

 

On June 27, 2013, the District Court of Dallas County, Texas issued an Agreed Final Judgment resolving the lawsuits filed against the Company and Mr. Floyd Smith, the Company’s CEO, by ASL Energy Corp. (“ASL Energy”). The Agreed Final Judgment was issued in order to confirm the settlement agreement entered into by and between the parties to the underlying lawsuits. The significant items of the settlement agreement were a cash amount of $455,000, an adjustment of the common shares issued in relation to the Series B Preferred shares conversion of 6.462,603, and issuance of common shares valued at $138,000 to an individual for services rendered.

 

Other than the foregoing, we know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Quarterly Issuances:

 

Issuance to TCA

 

On April 18, 2013, in connection with the TCA credit agreement mentioned above, the Company issued 3,333,334 shares of its common stock to TCA.

Issuance to CFO Advisory Services

On April 26, 2013, the Company issued 150,000 shares of its common stock to CFO Advisory.

Issuance to Daniel Vesco Pursuant to Conversion of Series B Preferred Convertible Stock

During the quarter ended June 30, 2013, 138,758 Preferred Series B shares were converted into 1,684,003 shares of the Company’s common stock.

Issuance to Asher Enterprises

On June 20, 2013, the Company issued 1,933,333 shares of its common stock to Asher Enterprises (“Asher”) in connection with a convertible promissory note entered into by and between the Company and Asher.

Issuance to Synergy Business Consultants

On June 17, 2013, the Company issued 1,000,000 shares of its common stock to Synergy Business Consultants for services rendered.

Private Placement Issuances

During the quarter ended June 30, 2013, the Company sold an aggregate of 7,791,657 shares of the Company’s restricted common stock to 21 “accredited investors” in private transactions.

Subsequent Issuances:

Issuance to Daniel Vesco Pursuant to Conversion of Series B Preferred Convertible Stock

Subsequent to June 30, 2013, 50,894 Preferred Series B shares were converted into 5,816,632 shares of the Company’s common stock.

Issuance to Asher Enterprises

Subsequent to June 20, 2013, the Company issued 16,021,785 shares of its common stock to Asher Enterprises (“Asher”) in connection with a convertible promissory note entered into by and between the Company and Asher.

Subsequent to the quarter ended June 30, 2013, the Company sold an aggregate of 10,970,818 shares of the Company’s restricted common stock to 15 “accredited investors” in private transactions.

Subsequent to the quarter ended June 30, 2013, we did not issue any unregistered securities other than as previously disclosed.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

NONE.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

NONE.

 

ITEM 5. OTHER INFORMATION

 

  Quarterly Events

 

Effective April 16, 2013 and under the terms of a credit facility agreement with TCA Global Master Fund, LP (“TCA”), the Company has pledged all of its oil & gas assets as collateral. The Company makes requests for drawdowns periodically and TCA, in its sole discretion, will approve the requests. The funds are to be used for enhancing the producing assets of the Company. The first draw was received April 17, 2013 for $450,000 and is subject to an 11% note due October 17, 2013.

 

On April 22, 2013, the Company issued a press release in which it reported the closing of the Credit Facility Agreement with TCA.

 

On June 24, 2013, the Company issued a press release in which it reported on its rework and pipeline operations, reported the receipt of the first tranche of funding from TCA under the Credit Facility Agreement, reported the proposed engagement with Southridge Fund Management (“Southridge”) to provide financing to the Company and reported its DTC eligibility.

 

On June 27, 2013, the Company issued a press release reporting early production results from the Company’s operations in Oklahoma.

 

Subsequent Events

 

On July 1, 2013, the Company issued a press release in which it announced that Mr. Smith, the CEO of the Company, will be interviewed by The Wall Street Analyst

 

On July 2, 2013, the Company issued a press release in it which announced early production progress from rework operations in Oklahoma.

 

On July 11, 2013, the Company issued a press release in which it announced that it expects to add Mr. Judson F. Hoover (“Mr. Hoover”) to its Board of Directors in the near future. Mr. Hoover received his Bachelor of Science degree from Regis University in 1986. Shortly after graduation, he received his Certificate of Public Accounting in the State of Colorado. He has extensive experience in financial matters, mergers, acquisitions, restructuring, public company compliance, oil and gas operations, and real estate. From December 2004 to March 2007, Mr. Hoover served as CFO for Ness Energy International, a publicly traded oil and gas company with operations in Texas and Israel. From June 2007 to June 2009, he served as Controller for Union Drilling, Inc., a publicly traded oil services company. From 1997 to 2004 and from 2007 through 2010, Mr. Hoover provided consulting services relating to various aspects of international and national publicly held energy companies. From March 31, 2011 to September 28, 2012, Mr. Hoover had served as the Chief Financial Officer of Sun River Energy, Inc. With over 20 years of national and international experience in executive management, of which 10 years were in oil and gas and 22 years were served on behalf of publicly traded companies. As a result of the anticipated appointment of Mr. Hoover to the Company’s Board of Directors, the Board will be composed of three directors.

11
 

ITEM 6. EXHIBITS

 

Exhibit Number Description of Exhibit
Exhibit 3.1 Articles of Incorporation (Filed as Exhibit 3.1 to Registration Statement on Form S-1, filed with the Securities and Exchange Commission on July 10, 2009)
Exhibit 3.2(2) Certificate of Amendment to Articles of Incorporation (100:1 Forward Split)
Exhibit 3.3(2) Series A Preferred Stock Designation
Exhibit 3.4(1) Bylaws
Exhibit 3.5(3) Series B Preferred Stock Designation
Exhibit 3.6(3) Plan of Reorganization and Asset Purchase Agreement with One Energy
Exhibit 10.23(2) Oil and Gas Lease – Wagoner, Oklahoma
Exhibit 10.24(2) Independent Petroleum Engineer Report
Exhibit 31.01 Certificate of the Chief Executive Officer and the Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.02 Certificate of the Chief Executive Officer and the Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.01CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act (Filed herewith)
Exhibit 32.02CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act (Filed herewith)
101.INSXBRL Instance Document Filed herewith.
101.SCHXBRL Taxonomy Extension Schema Document filed herewith.
101.CALXBRL Taxonomy Extension Calculation Linkbase Document filed herewith.
101.LABXBRL Taxonomy Extension Labels Linkbase Document filed herewith.
101.PREXBRL Taxonomy Extension Presentation Linkbase Document filed herewith.
101.DEFXBRL Taxonomy Extension Definition Linkbase Document filed herewith.

 

Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

 

(1) Filed as exhibits to the Company’s Form S-1 Registration Statement filed with the Commission on July 10, 2009, and incorporated herein by reference.

 

(2) Filed as an exhibit to the Company’s Report on Form 8-K, filed with the Commission on October 18, 2011, and incorporated herein by reference.

 

(3) Filed as an exhibit to the Company’s Report on Form 8-K, filed with the Commission on February 17, 2012, and incorporated herein by reference.

12
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

PETRON ENERGY II, INC.  
   
Dated: August 9, 2013 By: /s/ Floyd L. Smith
  Floyd Smith
  Chief Executive Officer, President, Treasurer and Director

 

 

In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

  PETRON ENERGY II, INC.
   
Dated: August 9, 2013 By: /s/ Floyd L. Smith
  Floyd Smith
  Chief Executive Officer
  President, Treasurer and Director

 

 

  PETRON ENERGY II, INC.
   
Dated: August 9, 2013 By: /s/ David Knepper
  David Knepper
  Director

 

 

 EX-31.01 2 peii06302013form10qex311.htm EXHIBIT 31.1

Exhibit 31.01

 

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14

 

I, Floyd L. Smith, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Petron Energy II, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

   
Dated: August 9, 2013 By: /s/ Floyd L. Smith
  Floyd Smith
  Principal Executive Officer

 EX-31.02 3 peii06302013form10qex312.htm EXHIBIT 31.2

Exhibit 31.02

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13a-14

 

I, Robert Currier, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Petron Energy II, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

   
Dated: August 9, 2013 By: /s/ Floyd Smith
  Floyd Smith
  Principal Financial Officer

 EX-32.01 4 peii06302013form10qex321.htm EXHIBIT 32.1

Exhibit 32.01

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Petron Energy II, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Floyd L. Smith, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

   
Dated: August 9, 2013 By: /s/ Floyd L. Smith
  Floyd L. Smith
  Chief Executive Officer

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 EX-32.02 5 peii06302013form10qex322.htm EXHIBIT 32.2

Exhibit 32.02

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Petron Energy II, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Currier, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

   
Dated: August 9, 2013 By: /s/ Floyd Smith
  Floyd Smith
  Chief Financial Officer

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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The Company has incurred a net loss of $1,706,634 for the six month period ended June 30, 2013 (2012 - $7,025,145) and at June 30, 2013 had an accumulated deficit of $21,527,857 (2012 &#150; $18,520,305). While the Company has recognized revenues from operations, the revenues generated are not sufficient to sustain operations. The Company does not have sufficient funds to acquire new business assets or maintain its existing operations at this time. Management&#146;s plan is to raise equity and/or debt financing as required but there is no certainty that such financing will be available or that it will be available at acceptable terms. 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The significant items of the settlement agreement were a cash amount of $455,000, an adjustment of the common shares issued in relation to the Series B Preferred shares conversion of 6,462,603, and issuance of common shares valued at $138,000 to an individual for services rendered.</font></p> 455000 6462603 <p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>4. 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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Oil & Gas Sales $ 20,760 $ 104,942 $ 127,634 $ 195,576
Costs and Expenses        
Cost of Revenue 238,697 62,493 341,997 146,979
Depletion and Depreciation 74,265 34,225 124,245 92,449
Impairment Charge          5,903,000
Derivative Expense 159,000    241,300   
General and Adminstrative 781,857 480,931 982,178 1,078,293
Interest Expense 89,985    144,548   
Total Expenses 1,343,805 577,649 1,834,268 7,220,721
Loss from Operations Before Income Taxes (1,323,045) (472,707) (1,706,634) (7,025,145)
Income Taxes            
Net Loss $ (1,323,045) $ (472,707) $ (1,706,634) $ (7,025,145)
Loss per share--basic and diluted $ (0.03) $ (0.04) $ (0.05) $ (0.062)
Weighted average number of shares--basic and diluted 43,346,004 11,441,592 32,873,120 11,335,660
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SUBSEQUENT EVENTS
 3 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

5. SUBSEQUENT EVENTS

In July 2013 the Company entered into a Liabilities Purchase Agreement with a financial entity in which designated liabilities of approximately $1,720,000, including approximately $600,000 applicable to future equipment purchases, are to be assumed by the financial entity, and once the legal claim is perfected, the Company will issue common stock to the financing entity in settlement of its claim. The stock is to be issued to the financing entity at a 25% discount from market. As of the date of this report, the claim has been filed with the court but the final decision has not been made.
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INCORPORATION AND NATURE OF OPERATIONS
 3 Months Ended
Jun. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
INCORPORATION AND NATURE OF OPERATIONS

1. INCORPORATION AND NATURE OF OPERATIONS

Petron Energy II, Inc. (“Petron” or the “Company”) was formerly known as Petron Energy Special Corp. and was incorporated in June 2007 under the laws of the State of Texas; and, on April 2011, was reincorporated in the state of Nevada. Pursuant to a Plan of Merger, the parent company, Petron Energy Special Corp. was merged into its wholly owned subsidiary, Petron Energy II, Inc. The surviving entity was Petron Energy II, Inc. The effective date of the Plan of Merger was January 3, 2012.

The Company is engaged primarily in the acquisition, development, production, exploration for and the sale of oil, gas and gas liquids in the United States. As of June 30, 2013 the Company is operating in the states of Texas and Oklahoma. In addition, the Company operates two gas gathering systems located in Tulsa, Wagoner, Rogers and Mayes counties of Oklahoma. The pipeline consists of approximately 132 miles of steel and poly pipe, a gas processing plant and other ancillary equipment. The Company sells its oil and gas products primarily to a domestic pipeline and to another oil company.
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LITIGATION SETTLEMENT
 3 Months Ended
Jun. 30, 2013
Commitments and Contingencies Disclosure [Abstract]  
LITIGATION SETTLEMENT

3. LITIGATION SETTLEMENT

 

On June 27, 2013, the District Court of Dallas County, Texas issued an Agreed Final Judgment resolving the lawsuits filed against the Company and Mr. Floyd Smith, the Company’s CEO, by ASL Energy Corp. (“ASL Energy”). The Agreed Final Judgment was issued in order to confirm the settlement agreement entered into by and between the parties to the underlying lawsuits. The significant items of the settlement agreement were a cash amount of $455,000, an adjustment of the common shares issued in relation to the Series B Preferred shares conversion of 6,462,603, and issuance of common shares valued at $138,000 to an individual for services rendered.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Jun. 30, 2013
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries:

 

Subsidiary Name Organization Date
Petron Energy II Pipeline, Inc. April 1, 2008
Petron Energy II Well Service, Inc. July 1, 2008

 

The interim consolidated financial statements as of June 30, 2013 and 2012 have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, these consolidated financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. These interim unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2012. In the opinion of management, the interim unaudited consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented.

 

The consolidated statements of operations reflect the results of operations of the Company for the three month and six month periods ended June 30, 2013 and 2012. Operating results for the six month period ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
Going concern uncertainty

Going concern uncertainty

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred a net loss of $1,706,634 for the six month period ended June 30, 2013 (2012 - $7,025,145) and at June 30, 2013 had an accumulated deficit of $21,527,857 (2012 – $18,520,305). While the Company has recognized revenues from operations, the revenues generated are not sufficient to sustain operations. The Company does not have sufficient funds to acquire new business assets or maintain its existing operations at this time. Management’s plan is to raise equity and/or debt financing as required but there is no certainty that such financing will be available or that it will be available at acceptable terms. The outcome of these matters cannot be predicted at this time.

These financial statements do not include any adjustments to reflect the future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
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RELATED PARTIES
 3 Months Ended
Jun. 30, 2013
Related Party Transactions [Abstract]  
RELATED PARTIES

4. RELATED PARTIES

Effective April 1, 2013, the Company entered into an agreement with Petron, Inc. to pay a management fee of $25,000 per month for the wells for which Petron, Inc. holds the operating license.
XML 26 R10.xml IDEA: SUBSEQUENT EVENTS 2.4.0.80010 - Disclosure - SUBSEQUENT EVENTStruefalsefalse1false falsefalseFrom2013-04-01to2013-06-30http://www.sec.gov/CIK0001467434duration2013-04-01T00:00:002013-06-30T00:00:001true 1us-gaap_SubsequentEventsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_SubsequentEventsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>5. SUBSEQUENT EVENTS</b></font></p> <p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In July 2013 the Company entered into a Liabilities Purchase Agreement with a financial entity in which designated liabilities of approximately $1,720,000, including approximately $600,000 applicable to future equipment purchases, are to be assumed by the financial entity, and once the legal claim is perfected, the Company will issue common stock to the financing entity in settlement of its claim. The stock is to be issued to the financing entity at a 25% discount from market. 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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Statement of Financial Position [Abstract]    
Accumulated depreciation of Pipeline $ 312,092 $ 245,156
Accumulated depletion of Producing Oil and Gas Properties 774,795 731,795
Other Depreciable Equipment, net of accumulated depreciation $ 59,699 $ 60,985
Series B Preferred stock, par value $ 0.001 $ 0.001
Series B Preferred stock, authorized 9,999,000 9,999,000
Series B Preferred stock, issued 2,217,818 5,910,000
Series B Preferred stock, outstanding 2,217,818 5,910,000
Series A Preferred stock, par value $ 0.001 $ 0.001
Series A Preferred stock, authorized 1,000 1,000
Series A Preferred stock, issued 1,000 1,000
Series A Preferred stock, outstanding 1,000 1,000
Common stock, par value $ 0.001 $ 0.001
Common stock, authorized 1,000,000,000 1,000,000,000
Common stock, issued 59,611,033 11,976,942
Common stock, outstanding 59,611,033 11,976,942
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RELATED PARTIES (Details Narrative) (USD $)
Apr. 30, 2013
Related Party Transactions [Abstract]  
Monthly management fee $ 25,000
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES    
Net Loss $ (1,706,634) $ (7,025,145)
Adjustments to reconcile net loss to cash used by operating activitites:    
Depletion and depreciation 195,045 92,449
Amortization of debt discount 70,800  
Derivative expense 241,300   
Impairment charge    5,903,000
Penalty interest 45,250   
Common stock issued for services 46,500 149,483
Common stock issued for lawsuit settlement 138,000   
Change in other asset and liabilities:    
Decrease (Increase) in oil & gas receivables (19,994) 21,613
Decrease in other assets 3,237   
(Decrease) Increase in accounts payable 169,597 172,849
Increase in accrued liabilities 203,443 172,962
Cash used in operating activities (684,256) (512,789)
INVESTING ACTIVITIES    
Investment in oil & gas properties    (148,103)
Pipeline investment (121,000)   
Accounts payable 121,000  
Purchase of other equipment (2,516) (5,500)
Cash used in investing activities (2,516) (153,603)
FINANCING ACTIVITIES    
Cash overdraft 63,295   
Proceeds from sales of common stock 256,500 568,000
Proceeds from notes payable 431,811   
Loan fees (79,825)   
Cash from financing activities 671,781 568,000
Decrease in cash (14,991) (98,392)
Cash at beginning of quarter 17,089 106,850
Cash at end of year 2,098 8,458
Non-Cash Investing and Financing Activities:    
Oil & gas properties    (5,910,000)
Notes Payable (20,800) 5,910
Common Stock 26,067   
Preferred Stock (3,692) 5,904,090
Additional Paid-in Capital 3,869,515   
Derivative liability (22,300)   
Common stock issuance liability (3,588,490)   
Loan fees $ (260,300)   
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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current Assets    
Cash $ 2,098 $ 17,089
Accounts Receivable 38,326 18,332
Total Current Assets 40,424 35,421
Pipeline, net of accumulated depreciation of $312,092 and $245,156, respectively 796,908 742,844
Producing Oil & Gas Properties, net of accumulated depletion of $774,795 and $731,795, respectively 1,381,729 1,424,729
Other Depreciable Equipment, net of accumulated depreciation of $59,699 and $60,985, respectively 60,122 71,915
Other Assets 31,553 34,790
TOTAL ASSETS 2,310,736 2,309,699
Current Liabilities    
Cash Overdraft 63,295   
Accounts Payable--Trade 883,688 716,140
Accounts Payable--Related Party 141,131 18,082
Accrued Liabilities 578,727 375,284
Derivative Liability 219,000   
Notes Payable-- current 332,436 170,500
Total Current Liabilities 2,218,278 1,280,006
Asset Retirement Obligation 40,278 40,278
Common Stock Issuance Liability 2,428,600 5,904,090
Notes Payable--long-term 275,000 250,000
TOTAL LIABILITIES 4,962,156 7,474,374
STOCKHOLDERS' EQUITY    
Series A, $0.001 par value, 1,000 shares designated, issued and outstanding 1 1
Series B, $0.001 par value, 5,910,000 shares designated, 2,217,818 and 5,910,000 shares issued and outstanding, respectively 2,218 5,910
Common Stock, $0.001 par value, 1,000,000,000 shares authorized, 59,611,033 and 11,976,942 issued and outstanding, respectively 59,611 11,977
Additional Paid-In Capital 18,814,608 14,638,660
Accumulated Deficit (21,527,857) (19,821,223)
Total Stockholders' Equity (2,651,420) (5,164,675)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,310,736 $ 2,309,699
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Basis of presentation</b></font></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries:</font></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Subsidiary Name</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Organization Date</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Petron Energy II Pipeline, Inc.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">April 1, 2008</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Petron Energy II Well Service, Inc.</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">July 1, 2008</font></td></tr> </table> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The interim consolidated financial statements as of June 30, 2013 and 2012 have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, these consolidated financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. These interim unaudited consolidated financial statements should be read in conjunction with the Company&#146;s audited consolidated financial statements for the year ended December 31, 2012. In the opinion of management, the interim unaudited consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The consolidated statements of operations reflect the results of operations of the Company for the three month and six month periods ended June 30, 2013 and 2012. Operating results for the six month period ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Going concern uncertainty</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These financial statements have been prepared in accordance with accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred a net loss of $1,706,634 for the six month period ended June 30, 2013 (2012 - $7,025,145) and at June 30, 2013 had an accumulated deficit of $21,527,857 (2012 &#150; $18,520,305). While the Company has recognized revenues from operations, the revenues generated are not sufficient to sustain operations. The Company does not have sufficient funds to acquire new business assets or maintain its existing operations at this time. Management&#146;s plan is to raise equity and/or debt financing as required but there is no certainty that such financing will be available or that it will be available at acceptable terms. 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LITIGATION SETTLEMENT (Details Narrative) (USD $)
Jun. 27, 2013
Commitments and Contingencies Disclosure [Abstract]  
Amount to be paid in settlement $ 455,000
Converted preferred stock 6,462,603
Value of common stock issued $ 138,000
XML 39 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Accounting Policies [Abstract]          
Net loss $ (1,323,045) $ (472,707) $ (1,706,634) $ (7,025,145)  
Accumulated deficit $ (21,527,857) $ (18,520,305) $ (21,527,857) $ (18,520,305) $ (19,821,223)
XML 40 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Jun. 30, 2013
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries:

 

Subsidiary Name Organization Date
Petron Energy II Pipeline, Inc. April 1, 2008
Petron Energy II Well Service, Inc. July 1, 2008

 

The interim consolidated financial statements as of June 30, 2013 and 2012 have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, these consolidated financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. These interim unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2012. In the opinion of management, the interim unaudited consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented.

 

The consolidated statements of operations reflect the results of operations of the Company for the three month and six month periods ended June 30, 2013 and 2012. Operating results for the six month period ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

 

Going concern uncertainty

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred a net loss of $1,706,634 for the six month period ended June 30, 2013 (2012 - $7,025,145) and at June 30, 2013 had an accumulated deficit of $21,527,857 (2012 – $18,520,305). While the Company has recognized revenues from operations, the revenues generated are not sufficient to sustain operations. The Company does not have sufficient funds to acquire new business assets or maintain its existing operations at this time. Management’s plan is to raise equity and/or debt financing as required but there is no certainty that such financing will be available or that it will be available at acceptable terms. The outcome of these matters cannot be predicted at this time.

These financial statements do not include any adjustments to reflect the future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
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SUBSEQUENT EVENTS (Details Narrative) (USD $)
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Subsequent Events [Abstract]  
Amount of liability transfered $ 1,720,000
Amount of liability attributable to future equipment purchases $ 600,000
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Document and Entity Information
 3 Months Ended
Jun. 30, 2013
Jul. 31, 2013
Document And Entity Information    
Entity Registrant Name Petron Energy II, Inc.  
Entity Central Index Key 0001467434  
Document Type 10-Q  
Document Period End Date Jun. 30, 2013  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   77,984,924
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013  
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