NEW ORLEANS, July 19, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today reported it has completed the purchase of the Murphy Moose Aircraft that will be sent to Belize to accelerate exploration of the 200,000 acre on-land portion of the 2 million acre Princess Petroleum Concession.
Andrew V. Reid, Chairman and CEO of Treaty Energy Corporation, stated, "In addition to the Murphy Moose purchase, the drilling equipment is now in transit to Belize by sea out of the port of Mobile, Alabama, and is on schedule to arrive in Belize about the 24/25 of July. Additional equipment will be sent to Belize on the next available ship from Mobile. This added equipment will provide Treaty Belize Energy Ltd, our operating unit in Belize, with a smaller work over rig to more quickly complete the wells, while allowing the much larger drilling rig to move on to the next well site, and thus advance the completion of the eight currently approved drill sites."
Mr. Reid added, "Now that the eight well sites have been approved by the Belizean government and we own the necessary drilling equipment that is required to continue expansion of the Belize project, it is necessary and appropriate for us to locate additional well sites for development. The Murphy Moose will add low level aeromagnetic survey capabilities to our set of tools to identify additional high probability drilling locations, and will thus expedite our efforts and complement all other location methods previously used by the Treaty team."
Mr. Reid added further, "We are expecting to locate many more well sites on the 200,000 on-land portion of the Princess concession prior to any consideration being given to exploring the 1,800,000 acre off-shore portion of the Princess concession. Our stakeholders should anticipate regular updates on our progress in Belize as things are moving rapidly on this project."
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
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