NEW ORLEANS, July 8, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today reported that it has made the final payment on the acquisition of two leases in Texas, the SHOTWELL W. F. and the SHOTWELL "C" leases. The total cash amount paid for these leases was $170,000.
These SHOTWELL leases bring additional barrels of oil per day to our existing Texas production. These leases require no work over and more significant to Treaty Energy is the addition of 30 virgin well drilling sites.
Stephen L. York, President and COO of Treaty Energy Corporation, stated, "With the completion of the SHOTWELL acquisition we now have 13 leases covering 1,900 acres with current production of 35-40 barrels of oil per day."
Mr. York added, "I expect production to increase monthly as we bring wells back online that have been shut in due to a variety of reasons. We expect substantial production increases to be made as we drill the ten new wells that are planned for completion during the third quarter of this year."
Treaty Energy's CEO, Andrew V. Reid, stated, "I am very pleased with the progress being made daily in Texas and I look forward to rapidly achieving the target goal of 1,000 barrels of oil per day from our Texas leases."
Mr. Reid stated further, "It is very exciting to announce that we have made a real breakthrough in Kansas. As of today 'Treaty Development of Kansas LLC' is in place with its registered office located at 16205 W. 287th St., Paola, Kansas 66071. Additional information on Kansas progress will be released next week."
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