NEW ORLEANS, May 1, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a growth-oriented international energy company, today announced the acquisition of the assets of Texas Sands Resources, LLC (TSR) of Abilene, Texas and the appointment of Chris Tesarski to Executive Chairman of the Company.
Andrew V. Reid, Chairman and Chief Executive Officer of Treaty Energy Corporation, is pleased to announce the acquisition of the assets of Texas Sands Resources, LLC of Abilene, Texas (TSR). TSRs assets currently include ten (10) leases in the Texas 7B Oil District. These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day). At current production levels, the Company anticipates that this acquisition will generate estimated revenues of $800,000 per year, with revenues expected to increase as the ten (10) leases are more fully developed. TSR also holds a number of additional lease opportunities that if completed, will be included in this purchase. The purchase price was $1,250,000.
On the acquisition, Mr. Reid stated, "TSR will continue to operate all leases currently included in this acquisition and future leases acquired after this acquisition. The current leases under development by Treaty Energy will remain with their current operator. TSR has a great working relationship with the Railroad Commission of Texas and is in good standing. This should ensure that their production will be safe and reliable for the Company."
In addition to the acquisition, Mr. Reid announced, "There will be a change of leadership at Treaty Energy. As of May 1, 2014, Chris Tesarski, the President and CEO of TSR, will assume the position of Executive Chairman of Treaty Energy Corporation. Mr. Tesarski will assume immediate control of the day-to-day operational vision and strategy of the Company."
A native of Canada, Mr. Tesarski immigrated to Abilene, Texas in 2012 with the goal of developing an integrated energy platform. TSR has been committed to developing advanced processes on marginal leases, using current down hole optimization technology, oilfield waste management and byproduct optimization to create a zero-waste oil lease.
Mr. Tesarski stated, "If we are to achieve North American Energy Independence, it will mean producers must be innovative. We must stop thinking of marginal wells as uneconomic and understand that with creativity and innovation we can make North America self sufficient when it comes to energy production. The bulk of that production will continue to come from extraction of hydrocarbons for the foreseeable future."
Mr. Tesarski further stated, "TSR has the operational foundations and technologies needed and Treaty Energy Corporation has the trading platform that has bred a loyal shareholder base that should benefit greatly from the changes. Our combined goal of improving marginal well operations and utilizing new development drilling opportunities through Treaty Energy will give current and future Treaty Energy shareholders a company that they can be proud of. I will be making that my number one priority in the coming months."
Andrew V. Reid indicated that he will continue as a Director and Chief Executive Officer for Treaty Energy in the interim as it emerges over the next several months to be a serious player in the junior energy sector and until definitive decisions are made regarding the direction management will be taking the Company. Treaty Energy intends to build a team of oil and gas professionals who can execute on the plan. The Company hired a new field operations manager in March to oversee operations in Texas and has already seen some success with a recompletion on the Stockton lease.
"There are countless junior energy producers in the marketplace, all fighting for the same dollar and same corner of the crowded market," stated Mr. Reid. He continued, "We need to show them that we stand apart and are prepared to separate ourselves from the rest of the pack. Chris is committed to seeing Treaty Energy evolve, change, and become that kind of company. I believe this is a solid plan for Treaty Energy."
Bio of Chris Tesarski
Chris Tesarski brings over thirty years of experience in the energy industry to Treaty Energy. His oil and gas career has been multi-faceted, focusing on land, operations, pipeline and infrastructure control, and commodity marketing. Mr. Tesarski, through his consulting companies, has participated in well over one billion dollars in oil and gas transactions.
Mr. Tesarski is a guest lecturer at Texas Christian University (TCU) in Ft. Worth, Texas in the petroleum and land management program where he currently teaches a course on lease optimization and energy sustainability. In addition to his TCU commitments, Mr. Tesarski serves on the boards of several community organizations in Abilene.
A more fulsome vision statement and bio of Mr. Tesarski will be posted to the Treaty Energy website and related company links over the next few weeks.
Treaty Energy Corporation
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 OTC. 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.
SOURCE Treaty Energy Corporation