Treaty Energy Corporation announces the Signing of a Letter of
Intent with TNC Energy
NEW ORLEANS, Oct. 31, 2012
/PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO)
(www.treatyenergy.com), a growth-oriented international energy
company, announced that it has signed a Letter of Intent with TNC
Energy to Fund, Develop, and Produce all leases and wells
recently purchased by Treaty Energy located in Converse, La. (Sabine
Parrish).
Under the terms of the proposed agreement TNC Energy will
provide all development funds necessary to bring into production
the 50 existing wells, as well as the drilling of additional wells
upon completion of the work overs.
TNC Energy has related to the Treaty Energy management team,
that their engineers have estimated production levels of up to 600
bbls/day out of the 50 existing wells after completion of the work
overs.
Work over cost are estimated at $15,000 per well and completion time for all
wells is expected to take approximately 3 to 4 months. TNC Energy
is currently on site and proceeding with the work over of the
wells. Treaty Energy Corp will not be responsible for any other
investments in the venture nor any other operational
responsibilities.
Andrew Reid, Co-CEO of Treaty
Energy Corp., stated "I am pleased to have Treaty Energy join in
this joint venture with a well-capitalized group like TNC Energy.
If estimated production levels are achieved, this JV could add up
to 240 bbls/day of prime Louisiana
light oil to Treaty's daily production."
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.
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.
Temporary Contact:
|
Lee
Schlesinger
|
Tel:
504-754-6926
|
Fax:
504-324-0844
|
SOURCE Treaty Energy Corporation