Treaty Energy Corporation Announces Seismic Survey on Belle Wisdom Lease
Under the Farmout Agreement with Aquinas Energy Resources, Contract is Signed to do Seismic Survey on the Belle Wisdom South Lease in the Salt Dome Area of Brazoria County, Texas; Four Wells will be Drilled up to 5,000ft Depth Under this Initial Farmout Agreement with Anticipated Yield of 100 BOPD per Well
NEW ORLEANS, June 2, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a growth-oriented international energy company, today announced that Aquinas Energy Resources, Inc. (Aquinas) in Houston, Texas has signed a Seismic Survey Contract involving the Belle Wisdom South lease.
Treaty Energy announced the Farmout Agreement contracted with Aquinas for a Four Well Farmout drilling program May 15th. The Seismic Survey will be conducted by Leroy Lee of American Seismic from Scottsdale, Arizona.
Chris D. Tesarski, Executive Chairman of Treaty Energy, will work closely with Aquinas's geologist and geophysicist Bill Gaskin, to review and select the first two drill sites and request a permit through the Texas Railroad Commission (TRRC) immediately. The new seismic data should assist Treaty Energy in providing the best site selections in order to maximize the potential return on investment to shareholders at the lowest possible risk.
This survey should take approximately two weeks, followed by another two weeks for processing. It is now taking approximately five to six weeks for a permit to be issued by the TRRC. The current timeline calls for final permitting to be obtained by the third or fourth week of July. It is anticipated drilling of the first well could begin by the second week of August. Treaty currently has a Wilson 42 Rig available with the capability to drill to 7000 ft which meets the needs of the Four Well Farmout.
Mr. Tesarski remarked, "I am extremely pleased at the progress we are making and will continue to make as we systematically develop our Four Well Farmout Agreement with Aquinas. I look forward to working together with them as we assess other lease opportunities. I think that this should be encouraging to our shareholders, that when a company like Treaty makes changes in key personnel, alters its business plan, and allows new opportunities to take shape in such a professional manner that we truly are listening to and valuing our shareholders. There is much work ahead, but it is my goal to improve shareholder awareness of company operations and increase shareholder value. This project marks the beginning of a new Treaty."
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.