Treaty Energy Closes on Tennessee Oil and Gas Lease
December 21 2009 - 9:45AM
Marketwired
Treaty Energy Corporation (OTCBB: TECO), a growth-oriented energy
company in the oil and gas industry, announced today that it has
successfully closed on the acquisition of a 70% working interest on
a lease in Morgan County, Tennessee.
This acquisition was completed with Green Light Energy LLC, with
which Treaty Energy has several other projects moving toward
completion. The lease has four wells that are currently being
re-entered after having been shut in for some time.
One well has been re-entered and is currently producing in the 8
to 10 bbl per day range. Additional work planned on this well is
expected to further enhance its production. The second well is in
the workover stage and will be completed by mid-January. All of the
wells are expected to produce in the 8 to 10 bbl per day range.
However, Green Light Energy LLC has guaranteed a net production to
Treaty Energy of 4 bbl per day for the first 12 months of
production after all workovers are completed. Projected life span
on wells in this area exceeds 20 years.
Randall Newton, CEO of Treaty Energy, commented, "This
acquisition, while small, is a first step in a much larger business
plan with Green Light Energy. As this relationship develops
further, we'll be sharing more information with our investors."
Mr. Newton went on to note, "Even though the legal process has
taken far more time than anticipated, additional closings on
potential deals that were previously reported are imminent and will
be announced as they take place."
Joe Grace, President and COO of Treaty Energy, stated, "Treaty
Energy is currently in the process of enhancing its website and
will soon be including a page that will provide our investors
monthly reports on the production of each of the company's wells.
This method of providing information to our investors again
illustrates our commitment to corporate transparency."
About Treaty Energy Corporation
Treaty Energy (TECO) is engaged in the acquisition, development
and production of oil and natural gas. The company 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 Energy to develop and produce oil and
natural gas with tremendously decreased risk, cost and time
involved in traditional exploration. The company's headquarters are
located in Houston, Texas. For more information, please visit our
website at: 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 SB-2, 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
investors@treatyenergy.com Investor Relations: Equiti-trend
Advisors LLC (800) 953-3350 toll-free (858) 436-3350 local