Treaty Energy Updates on Belize and Texas Oil Projects
Treaty Energy Corporation (OTCQB: TECO) (PINKSHEETS: TECO) (www.treatyenergy.com), a growth-oriented international energy company, reports on continued progress on its Belize and Texas oil and gas projects.
Andrew V. Reid, Chairman and Co-CEO of Treaty Energy Corporation, stated, "Treaty Energy has acquired the 'Wireline Logging Truck' with all supporting equipment, a system valued at over $200,000 that will be used to wireline log SAN JUAN #2 and all future wells in Belize. The truck assembly is having new cables and new electronics installed, and based on the current time line, the Wireline Logging Truck will be leaving for Belize on Friday, March 16th. Pictures of the new Wireline Logging Truck will be posted to the website."
Mr. Reid added, "Max Mohamed of RedRock Exploration, Inc. will meet the Wireline Logging Truck on its arrival in Belize and will proceed to perform the wireline logging of the SAN JUAN #2 well."
"Mr. Mohamed has been retained by Treaty Energy to take responsibility for oversight of all Belizean operations and will report to Stephen L. York, President of Treaty," added Mr. Reid. "Our Belizean Project Manager, Keon Garbutt, will report to Mr. Mohamed."
Max Mohamed will be working out of the new Treaty Belize Energy Ltd offices that are located at the Independence Airport outside the Village of Independence, Belize.
On Thursday, March 15th, Mr. Bill Hardin will fly to Belize to make arrangements to have the smaller of the Rigs, with all its supporting components, shipped back to Texas. This Rig, upon its return to Texas, will immediately commence drilling the first two 'permitted' wells on the Wooldridge leases.
Mr. Reid stated, "Ten additional drill sites are in the process of being permitted on the Wooldridge leases, with a possibility of 12 more drill sites after completion of drilling the initial 12 wells that Treaty has funded."
Mr. Reid stated further, "Previous wells on the Wooldridge leases had initially production rates between 30 and 31 barrels of oil per day (BOPD). We are very optimistic that we will see similar production rates out of the new wells being drilled."
In closing Mr. Reid said, "Workover of old wells continues and more wells are being brought on line each month. With the many new wells to be drilled and the continuing workover efforts on old wells, we are very pleased with the future outlook of oil production from our Texas leases."
About Treaty Energy Corporation Treaty, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. Treaty acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
Forward-Looking Statements: Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.
Contact: Osprey Partners Tel: 732-292-0982 Fax: 732-528-9065 email@example.com
SOURCE: Treaty Energy Corporation
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