NEW ORLEANS, March 9, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented international energy company, reports signing a Memorandum of Understanding (MOU) with Princess Petroleum Ltd regarding a 50/50 Joint Venture on the Paradise Concession owned by Treaty Energy Corporation.
Andrew V. Reid, Chairman and Co-CEO of Treaty Energy Corporation, stated, "We are pleased to announce that our Joint Venture Partner on the Princess Concession in Belize, Princess Petroleum Ltd, has signed an MOU to purchase a 50% position in the Paradise Concession purchased by Treaty Energy in September 2011."
Mr. Reid added, "We are elated that Princess Petroleum has joined us in this expansion of exploration in Belize and look forward to beginning evaluation studies on this new concession. As with protocol on the Princess Concession, we plan to use satellite technology in order to narrow our search on potential prospects."
A copy of the MOU will be posted to the Treaty Energy website. The final agreement is being drawn up jointly by Treaty Energy and Princess legal departments and will be executed upon completion.
Mr. Reid added further, "Treaty Energy has commissioned preliminary studies on several areas of the Paradise Concession and we are very excited about the potential on this 1.4 million acre concession that will benefit the GOB, its people and both Treaty Energy and Princess Petroleum."
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.
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