Treaty Energy Corporation Provides Operational and Management Updates Treaty Energy is Making Certain Managerial and Operational Changes in Order to Streamline its Separate Business Segments
NEW ORLEANS, Jan. 15, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented international energy company, is pleased to announce a new operational structure for its Texas Division going forward.
Treaty Energy Corporation management has made the decision, after identifying a need for drilling, wire-line, and service rigs in Texas, to utilize its drilling company equipment and assets as a major source of revenue generation going forward. Stephen York will leave his post at Treaty Energy to allow him to focus 100% of his time and attention to developing and growing Treaty Energy Drilling, LLC, a wholly owned subsidiary.
Mr. York will be appointed President of Treaty Energy Drilling, LLC and will be responsible for all operations of that company. In the short time since the decision was made to solicit outside drilling business, Mr. York has been successful in obtaining several new contracts for the smaller Failing 1500 Drilling Rig. The first such contract is currently being drilled on location in Pecos County Texas.
Additionally, Mr. York is in the process of securing three contracts for the larger Wilson 42 Drilling Rig, to be carried out in the first quarter of 2013.
Mr. York stated, "We are expecting Treaty Energy Drilling to add significant gross revenue to Treaty Energy Corporation in 2013. We expect revenue to reach significant levels in the 3rd and 4th quarters."
With Mr. York's departure from his positions at Treaty Energy, Bruce Gwyn will assume the post of President and Chief Operating Officer. Mr. Reid will remain the CEO of the company going forward. Mr. Gwyn has taken a hands-on approach in West Texas and has been working very closely with Treaty personnel over the last several months. He believes that with the people currently in place Treaty will be successful in achieving its goals in a timely and efficient manner. Mr. Gwyn has been, and will continue to focus his attentions, first and foremost on increasing current oil production through maximizing workover efforts in West Texas.
Andrew V. Reid, Chairman and CEO of the Company, stated, "Treaty Energy, as previously announced, is utilizing the services of TNC Energy to complete our new drilling program in West Texas. By bringing in TNC Energy, to drill and complete our wells, we will be able to execute our new well development plan in a timely manner moving forward."
In closing Mr. Reid stated, "With our new leadership structure I believe that Treaty Energy will be able to dramatically increase production and revenues quarter after quarter throughout 2013."
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.
Treaty Energy Corporation
SOURCE Treaty Energy Corporation