NEW ORLEANS, Aug 4, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today announced changes to its management team and additions to its Board of Directors.
Chris D. Tesarski, Executive Chairman of Treaty Energy since May 1, 2014, was appointed Chief Executive Officer (CEO) of the company on July 28, 2014, following the resignation of Andrew V. Reid as its Chairman and CEO.
Mr. Tesarski stated, "The Board of Directors accepted the resignation of Mr. Andrew V. Reid as Chairman of the Board, member of the Board of Directors and CEO of the company. Mr. Reid's resignation is effective July 28, 2014. The company wishes to thank Mr. Reid for his tenure and wishes him all success in his new ventures."
Mr. Tesarski announced that, "Andrew L. Kramer, the company's Vice President, General Counsel and Corporate Secretary, became a member of the Board of Directors. In addition, I am pleased to welcome another new member as well! Rana Ghosh of Ft. Lauderdale, FL has been appointed to the Board. Mr. Ghosh brings extensive experience from the infrastructure and utility sectors of the energy business. In addition, in anticipation of completion of the compliance reporting required to bring market credibility back to the company under way currently; and an exciting reworking of the company's vision and strategy, Mr. Carl McCutcheon from Houston, Texas joins the team as, Special Business Advisor to the Board of Directors." The new leadership team is stalwart in its commitment to see TECO achieve a series of definitive and positive milestones in the coming year. Management will bring that definitive action plan to shareholders following its first official board meeting in September.
"Carl will also take the lead in helping to add a critical member to the Board in the fall, an individual who will bring extensive engineering and geotechnical experience, to give Treaty Energy a fully developed, energy-focused Board of Directors to guide the company through its next phase of development," added Mr. Tesarski.
A more fulsome biography of the new Board members will be provided to the shareholders by via the company's Facebook Page and website.
Effective immediately, the Board of Directors will be taking steps to create a new corporate identity for the company, rooted in a firm belief that the "Americas" hold vast untapped, bypassed and forgotten energy reserves. "The company intends to continue its focus on 'finding new oil and gas in old places'. We believe that this is the right place for us to be and welcome other players who focus on exploratory, wildcat plays, but Treaty Energy will continue to focus on what we KNOW got left behind instead of risking shareholder value on what we BELIEVE might be there," says Mr. Tesarski.
In keeping with this philosophy, the company has evaluated the seismic data available on its Damon Salt Dome prospect in Brazoria County, Texas, and will proceed with permitting its initial location within a week. The technical team of Aquinas Energy Resources, Inc. (Aquinas) of Houston, Texas, has further mapping that is being completed in days that will give a full geotechnical snapshot. This snapshot will be beneficial to the company as it proceeds to drill all of its locations.
"We are so very pleased with our relationship with the skilled technical team we have found in Aquinas," says Tesarski. "Their consummate professionalism, attention to detail and expertise lend credibility to this process that we are about to embark on. To this end the company intends to utilize the Aquinas team as an integral part of evaluating all of its continuing operations technically to ensure that shareholder value is maximized and risk is minimized. We believe this also opens the door to further opportunities in the future for Aquinas and Treaty Energy to work together in a more formal relationship."
Treaty Energy intends to reestablish and enhance its position in Central America. Mr. McCutcheon, who will act as Special Advisor to the Board of Directors, brings a wealth of business experience in this area. Through his contacts and the addition of significant geotechnical expertise and data, we believe that we can show that the company may have had good ideas, but good ideas need to be backed up by solid, irrefutable and quantifiable data. Armed with this, the company can vigorously pursue activities in Central America, which will positively impact its operations.
Mr. Tesarski added, "It is my hope that the announced leadership changes and additions, and this update will give a clear message as to the direction the company is headed. We will enhance not erode shareholder value and to do so we need to take decisive and definitive steps that sends a clear message to our investors, both current and the ones that stand ready and waiting to invest in the company, that Treaty Energy is ready to do business! It is time to get to work."
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