Treaty Energy Acquires Pulling Rig for Treaty Energy Drilling, LLC, its Texas-Based Drilling Subsidiary
NEW ORLEANS, Sept. 25, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented international energy company, today announced that an additional Pulling Rig has been purchased for completion of wells scheduled to be drilled in West Texas.
Andrew V. Reid, Chairman of Treaty Energy Corporation, announced, "Treaty has purchased a Wilson Double Drum Pulling Rig in a cash transaction. This unit, valued at $185,000, will be used to complete the 'Nine-Well Project' (to 3000 ft) that will be started upon completion of the McComas #20 well that is currently being completed."
Mr. Reid added, "The funding for the 'Nine-Well Project' is in place and upon completion of the McComas well the funding will be released."
Finally, Mr. Reid stated, "Treaty continues to move forward with our accumulation of national and international holdings and our Q3 revenue will be substantially increased over past quarters, a trend that will continue through Q4 of this year."
In closing Mr. Reid expressed his appreciation to all Treaty stakeholders and employees for their support as Treaty is building both an international Oil & Gas Operating/Production Company and a self-contained Drilling and Completion Company.
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.
Treaty Energy Corporation (TECO) trades on the OTCQB, the marketplace for companies that are current in their SEC reporting requirements. Investors can find Real-Time quotes and market information for Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
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.
SOURCE Treaty Energy Corporation