HOUSTON, April 12, 2011 /PRNewswire/ -- Treaty Energy
Corporation (OTCBB: TECO), a growth-oriented energy company in the
oil and gas industry, today announced it has signed a definitive
letter of intent to purchase additional producing oil and gas
leases in the Shackelford County Regular Field, in the Texas 7B Oil District.
This acquisition is projected to close on April 14, 2011. The detailed terms of this
acquisition will be released upon closing in a Form 8K filing.
Production on these leases for the last reported month of
January 2011 was 379 BBLS of sweet
crude oil.
The operator on these new leases will be Treaty's recently
acquired subsidiary, C & C Petroleum Management LLC, which has
applied for its operator's number along with all the required
bonding being posted. The Company expects C & C Petroleum
Management LLC to receive its operator number in the immediate
future and to see its first revenues from oil production in
Texas before the end of April.
Andrew Reid, CEO of Treaty Energy
Corporation, stated, "Treaty Energy has numerous acquisitions that
are forthcoming similar to this one that have tremendous up-side
potential at a reasonable purchase price, while providing other
opportunities for our Company to start producing and increasing our
oil revenues. Treaty is also expecting new oil production to
come from our Belize project, as
well as other areas in Central
America that we are currently pursuing."
Additionally, Mr. Reid stated, "We believe Treaty is well
positioned to see rapid growth in oil production over the next
several months through a combination of well workovers on these new
leases, and additional acquisitions that are projected to come on
line in a rapid fashion."
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.
SOURCE Treaty Energy Corporation