Treaty Energy to Expand Belize Drilling Program
Company Plans to Extend its Belize Drilling Program to Two New Oil Fields, Both of which are Substantially Larger than the Stann Creek Field, the Site of its First Successful Well in Belize
Jan 31, 2012, 06:30 ET
NEW ORLEANS, Jan 31, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented international energy company, in follow up to announcing its first successful oil well strike in Belize, today announced plans to add two new oil fields to its Belize drilling program.
Treaty Energy Corporation Chairman and Co-CEO, Andrew V. Reid, stated, "In our release of January 30th in which we announced our first oil strike in Belize we made reference to some 80 'anomalies' on the 200,000 'onshore' acres of land controlled by the Princess Concession. Treaty Energy has so far identified three of these anomalies as areas of interest and will explore, analyze and drill following permission being granted by Belizean officials."
Mr. Reid added, "The first of these anomalies we refer to as the "Stann Creek Field", and of course we have already established this oil field as having recoverable oil reserves of approximately 5 to 6 million barrels in a prior release. Areas two and three, yet to be named, are located within 20 miles of our current drilling location. Both of these new areas are substantially larger in size and likely to prove superior to our current drilling site, the Stann Creek Field, which is approximately 350 acres."
"Treaty Energy's plan is to now initiate phase two of its drilling plan for Belize," added Mr. Reid. He went on to say, "This plan calls for two (2) drilling rigs to be operative at all times. One rig will implement drilling at designated locations on the site of SAN JUAN #2 where we have just discovered oil. The second and third areas (oil fields) will have exploratory wells drilled after permit requests have been approved by government officials. Areas two and three are removed from any environmentally sensitive areas."
In closing, Mr. Reid stated, "I am extremely excited with how current events have unfolded at Treaty. I firmly believe we are at the beginning of something more substantial than any of us could have ever imagined."
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
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