NEW ORLEANS, July 18, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today reported on developments in Belize leading up to the implementation of its initial eight well drilling program.
Andrew V. Reid, Chairman and CEO of Treaty Energy Corporation, stated, "We are pleased to confirm that all things requested of Treaty by both the Belize Department of Environment and Department of Petroleum have now been completed and provided to the proper Belizean agencies and approved. In addition, we are elated that the Director of the Ministry of the Environment has signed off on our environmental checklist and now confirmed that Treaty may move forward and drill the initial eight wells identified by location in our drilling program."
Mr. Reid stated, "The Belize Minister of the Environment indicated that we should deliver the EIA report forthwith and prepare to immediately produce oil from the first well once drilling is completed. To accelerate this process we have retained an attorney from BNE to assist Treaty in finalizing the surface rental agreement for planned drill sites and communicate directly with Sir Manuel Esquivel and Board of Directors of the land owner. Furthermore, a local surveyor under contract with Treaty will complete the survey for our initial drill site this week."
Mr. Reid went on to say, "Our stakeholders are reminded that we established Treaty Belize Energy, Ltd. in May 2011 and located our corporate office in Belize City. In addition, we also equipped a field operations office in Placencia, Stann Creek District, Belize, close to the drilling sites to be developed, which are a three-hour drive south of Belize City."
Treaty Energy has had meetings with a number of community leaders in areas where the Company intends to drill and is pleased to report that these community leaders are uplifted and energized with our intent and in particular that Treaty will be providing employment opportunities for numerous local Belizeans.
In conclusion, Mr. Reid stated, "Ongoing developments and significant preparation in Belize are proving advantageous to a successful drilling program. Upon arrival of the drilling rig and support equipment by sea on or about July 24/25, our Company will move ahead with an oil program that holds the potential to be a magnificent life changer for all Treaty stakeholders and the people of Belize."
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