Treaty Energy Corporation Appoints New CEO of Treaty Belize Energy and Plans to Restart Drilling Operations in Belize Treaty Energy Makes Managerial Changes to Better Streamline Operations in Belize and to Restart Drilling Operations on San Juan #3 after Supreme Court Ordered Injunction against the Government of Belize
NEW ORLEANS, May 7, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTC: TECO) (www.treatyenergy.com), a growth-oriented international energy company, is pleased to announce a new operational structure for its subsidiary company, Treaty Belize Energy, Ltd., along with the recommencement of drilling operations in Belize.
Treaty Energy Corporation's CEO, Andrew Reid, announced that Mr. Max Mohamed has been appointed to be the President and CEO of Treaty Belize Energy, Ltd.
Mr. Mohamed is a Geologist and has been overseeing Treaty Energy's exploration for oil in Belize, pertaining to the two hundred thousand acres of Princess Petroleum's onshore concession. Treaty Belize Energy has drilled three wells so far on the concession, the San Juan #1, San Juan #2 and San Juan #3. While in the process of drilling on San Juan #3, a Supreme Court Ruling was issued towards the Government of Belize, concerning several offshore concessions, including the Princess Petroleum Concession. Two of these offshore concessions included a small acreage of onshore, one of which is the Princess Petroleum Concession.
Due to the Supreme Court ruling, Treaty Belize Energy temporarily suspended its drilling efforts on the San Juan #3. Treaty wanted to consult with its Legal Council in Belize and wait for the Government of Belize to issue a statement. On May 5, 2013, Prime Minister Barrow made statements to local media regarding the Supreme Court ruling. Based on the legal opinion Treaty Energy received from Princess Petroleum's legal counsel and the statement made by Prime Minister Barrow, Treaty has made the decision to recommence drilling of the San Juan #3 well.
Treaty Energy Corporation's CEO, Andrew Reid, stated, "I am extremely pleased that Max has accepted the position of President and CEO of Treaty Belize Energy, Ltd." Mr. Reid further stated, "I look forward to working with Mr. Mohamed as Treaty Belize Energy, Ltd. continues its efforts in Belize and the possibility to explore other opportunities in other Central American and Caribbean regions as well."
For more information on Max Mohamed, please visit Treaty Energy Corporation's website at: http://www.treatyenergy.com/news/teco-belize-appointment.
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 OTC, 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