Treaty Energy Forms 'Treaty Belize Energy, Ltd'
Geoscience Team Identifies First Eight Drilling Locations
HOUSTON, May 3, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today issued substantial information on the Company's progress in Belize.
Andrew V. Reid, Treaty Energy's CEO, indicated, "The first of several items issued today is that Treaty Energy Corporation has engaged a law firm in Belize City, Belize, for the purpose of forming a Belizean corporation to be named Treaty Belize Energy, Ltd. All of our business activities in Belize will be handled through this wholly owned subsidiary. As of May 2nd Treaty was told by our Belizean law firm that all filings were done and we are waiting on the 'Certificate of Incorporation' which we expect from the registry promptly."
Mr. Reid also explained that Treaty has selected the following five 'AREAS' as the first of innumerable well sites and has identified the first eight drilling locations that are to be drilled on the land portion of the Princess/Treaty Concession.
AREA #1: Elevation – 108'
a) Start of gas/inner gas seal | 16 degrees 32.026' | 88 degrees 29.992' | ||
b) End gas/begin oil | 16 degrees 32.035' | 88 degrees 29.823' | ||
c) End inner oil seal | 16 degrees 31.989' | 88 degrees 30.457' | ||
d) End oil seal | 16 degrees 31.990' | 88 degrees 31.466' | ||
Well locations on this formation: | ||||
Well #1 | 16 degrees 31,971' | 88 degrees 30.443' Depth to top of formation – Depth 1200' | ||
Well #2 | 16 degrees 31.034' | 88 degrees 29.819' Depth to top of formation – Depth 1400' | ||
Well #3 | this well is staked 500' from well #2 above | |||
AREA #2: This very encouraging location is right off Monkey River Road, and shows promise for many wells.
a) Start of oil/inner seal | 16 degrees 27.487' | 88 degrees 30.482' | ||
b) End oil/begin gas | 16 degrees 27.283' | 88 degrees 30.596' | ||
c) End gas / inner gas seal | 16 degrees 27.015' | 88 degrees 30.714' | ||
d) Outer gas seal | 16 degrees 26.957' | 88 degrees 30.734' | ||
This location was staked with one well location approximately 20' back from the seal on the oil side. Due to lack of time on this formation further study will be done. The one well is expected to be 1200' deep to the top of the formation.
The Company has been informed by the geoscience team identifying these drilling locations that we can expect multiple wells on this formation at about 600' intervals.
AREA # 3: This third formation is located near the end of Monkey River Road. A well location has not been chosen on this location as of yet because it will require clearing certain areas to obtain access to specific drilling locations.
Location of this formation: | ||||
a) Outside gas seal | 16 degrees 23.739' | 88 degrees 31.089' | ||
b) Start gas / inner gas seal | 16 degrees 23.710' | 88 degrees 31.093' | ||
c) End gas / begin oil | 16 degrees 23.465' | 88 degrees 31.131' | ||
d) End oil / inner oil seal | 16 degrees 23.113' | 88 degrees 30.457' | ||
e) End oil seal | 16 degrees 31.990' | 88 degrees 30.466' | ||
AREA # 4: This fourth formation was along Southern Highway toward Punta Gorda.
Location of this formation: | ||||
a) Start oil / inner oil seal | 16 degrees 28.908' | 88 degrees 40.460' | ||
b) End oil / begin gas | 16 degrees 29.067' | 88 degrees 40.656' | ||
c) End gas / inner gas seal | 16 degrees 29.206' | 88 degrees 40.813' | ||
The first well staked is close to Southern Highway inside a guarded area that will be easy to drill. The second well is located about 50' off a good dirt road.
Well #1 Elev 85' | 16 degrees 28.299' | 88 degrees 40.491' Depth 1350' | ||
Well #2 Elev 135' | 16 degrees 28.783' | 88 degrees 40.552' Depth 1400' | ||
AREA #5: This fifth location is on Southern Highway in Medina Bank.
a) Start oil / inner oil seal | 16 degrees 26.556' | 88 degrees 44.710' | ||
b) End oil / begin gas | 16 degrees 25.965' | 88 degrees 44.809' | ||
c) End gas / inner gas seal | 16 degrees 25.767' | 88 degrees 44.843' | ||
Well #1 | 16 degrees 26.553' | 88 degrees 44.732' Depth 1350' | ||
Well #2 | 16 degrees 26.497' | 88 degrees 44.495' Depth 1400' | ||
In conclusion, CEO Andrew Reid indicated, "We are now in the final process with regard to contracting a drilling company. We are currently evaluating a highly qualified company out of Guatemala City, but other companies are also being considered, some of which are based in the United States. It has been determined that an air drilling approach would be very successful in the areas that we will be exploring. Since air drilling can be faster and would likely create less contamination and/or damage to the oil bearing formations, all factors are being considered prior to issuing the contract for the first well."
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
Forward-Looking Statements:
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.
Contact:
Osprey Partners
Tel: 732-292-0982
Fax: 732-528-9065
[email protected]
SOURCE Treaty Energy Corporation
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