PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Oil & Energy  | Utilities

Treaty Energy Corporation Announces Plans to Drill Two Additional Wells on Stockton Lease in Tuscola, Texas

Treaty Energy Will Drill Two Fully Financed Offset Wells to the Successful Mitchell #4 Well

Share with Twitter Share with LinkedIn

NEW ORLEANS, July 18, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a growth-oriented international energy company, today announced plans to drill two new oil wells on the Stockton Lease in Tuscola, Texas.

On June 28, 2013, Treaty Energy acquired a working interest on the Stockton and Murl leases from U.S. Fuels of Breckenridge, Texas. Treaty Energy will drill two wells on the Stockton lease. These two new wells will be named the Stockton #3 and #4.

On July 17, 2013, Treaty Energy completed survey work on the Stockton #3 and #4 wells. Treaty Energy, through U.S. Fuels, will file applications for drilling permits within 48 hours to the Railroad Commission of Texas (TRRC). Once the drilling applications are available and listed as in process with the TRRC, Treaty Energy will post surveys of the site and the applications on the Company's Texas Operations page, which is located at: http://www.treatyenergy.com/operations/texas.

The Stockton #3 and #4 are considered offset wells from the just completed Mitchell #4. The projected cost to drill and complete each well is approximately $375,000 (AFE). Initial production numbers and estimated production rates are expected to be similar to the Mitchell #4 well, which received an initial production rate of 61 barrels of oil per day (BOPD) and an announced production rate of 45-50 BOPD. 

Treaty Energy will not have any partners on the two Stockton wells and will have a 75% net revenue interest (NRI). Treaty Energy has sufficient funds committed to complete these two wells. Well operations and drilling oversight on the Stockton lease will be handled by David Jackabot, owner of U.S. Fuels. In addition to these new wells, U.S. Fuels will manage all other Treaty Energy well operations in Texas starting now and will continue to operate the wells into the foreseeable future.

Andrew Reid, Chief Executive Office for Treaty Energy, stated, "The success of the Mitchell project showed to management and shareholders alike that a new Treaty Energy has emerged since operational changes were made earlier this year. Management hopes to further the Company's success by drilling these two wells on the Stockton lease. While the Company initially planned on drilling only one offset well, positive results from the Mitchell Lease prompted the Company to take action to increase production quickly and move the company toward cash flow positive in Q3 2013."

Treaty Energy looks forward to updating shareholders on the Stockton project, as well as on-going and planned projects, in the near future.

Contact
Treaty Energy Corporation
Investor Relations
investors@treatyenergy.com
Tel: 504-754-6927
Fax: 504-324-0844

Company Links
Website: http://www.treatyenergy.com
Facebook: https://www.facebook.com/TreatyEnergyCorp
Twitter: https://twitter.com/TreatyEnergyCo

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

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.

SOURCE Treaty Energy Corporation



RELATED LINKS
http://www.treatyenergy.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release