NEW ORLEANS, July 7, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today reported that it has fully paid off the acquisition of C&C Petroleum Management LLC.
Andrew V. Reid, Chairman and CEO of Treaty Energy Corporation, commented, "As of June 25, 2011, the C&C Petroleum Management LLC, acquisition was paid in full. We are all excited here at Treaty that we could accomplish the payoff of this acquisition eight months early and ahead of schedule. The $600,000 purchase price of C&C Petroleum was paid utilizing a combination of cash and stock. I am very pleased to have paid this acquisition off in the second quarter."
Mr. Reid commented further, "Our team at Treaty Energy continues to work diligently and earnestly to accomplish dramatic improvements in our company's net worth and operating profits, and this early payoff of the C&C acquisition and numerous other positive financial events will be reflected in our soon to be announced Q2 results."
Finally, Mr. Reid commented, "Treaty Energy stakeholders will see remarkable improvements in every aspect of our company over the balance of this year."
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