NEW ORLEANS, July 29, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today announced it has purchased additional equipment to send to Belize on the next ship out of Mobile, Alabama, which is estimated to depart on or about August 8th.
The purchased equipment includes a Wichitech C-65 Work-Over Rig capable of working to depths of about 6,500 feet. This rig will be used in a variety of operations in Belize. Its initial use will be as a "completion unit". After the holes are drilled and the casing is run-in the hole and cemented, the primary drilling rig will pull off the hole. The Work-Over Rig will then be used to run tubing, sucker rod, and downhole pump into the hole to complete the wells.
Stephen L. York, President and COO, stated, "Utilizing the Work-Over Rig in this capacity to complete the wells will be quicker, more efficient and economical than using a single rig approach. We are moving forward at an accelerated pace and we are exceeding our own expectations."
The Work-Over Rig will be accompanied by certain auxiliary equipment required such as a Ford F-250 Pickup Truck, oil pipe power tong, miscellaneous valves, and about 2,000 feet of Drill Pipe. All the listed equipment has been purchased and paid in full by Treaty Energy and assigned for specific use in the Treaty Belize Energy project.
Mr. York added, "W. D. Harden and our Treaty Belize Energy staff were permitted into the customs storage yard yesterday at about 2:00 PM. After inspecting the rig and mast assembly, Mr. Harden said that the shipping, off-loading, and stacking of the components proceeded perfectly. Late in the day, with the assist of a 40 ton crane, the crew set the mast back onto the truck assembly. Now the only thing left to accomplish is bolting everything back in place and to re-connect the hoses and wiring. Friday afternoon the rig will be back in functional mode and the crew will stand the mast up and perform a dry run of all functions."
Andrew V. Reid, Chairman and CEO of Treaty Energy Corporation, stated, "In addition to the Work-Over Rig and other equipment, Treaty is currently in negotiations to purchase a Tanker Truck to transport oil from the well sites to port, and also intends to secure a double hulled barge to store product as Treaty prepares to either permanently lease or purchase storage tanks at the port."
Mr. Reid added, "As I've announced in previous releases, things are moving far more rapidly in Belize than I ever anticipated. We will continue to do our best to properly update and inform Treaty stakeholders on the continued progress of the Belize project."
About Treaty Energy Corporation
Treaty 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. For more information go to: www.treatyenergy.com
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