HOUSTON, April 20, 2011 /PRNewswire/ -- Treaty Energy
Corporation (OTCQB: TECO), a growth-oriented energy company in the
oil and gas industry, today announced it has acquired two
additional leases in Texas, the
SHOTWELL W. F. and the SHOTWELL "C" leases.
Treaty indicated that production on these leases is currently
4.18 barrels of oil per day. These leases require no work
over and were purchased for their current production value, but
more important to Treaty Energy is the additional 30 virgin well
drilling sites which will be added to the list of wells that
Treaty's new Failing 1500 CF Drilling Rig will start drilling when
permits are granted to do so. Private financing to fund the
drilling had been arranged prior to the acquisition of the Failing
Drilling Rig.
Stephen L. York, Treaty Energy's
Vice President of Acquisitions and Operations, stated, "These
leases are two of the most advanced small leases in the Country.
Scientific evaluations have been done as an experiment to see
what can be achieved with a maximum effort and scientific approach.
Fluid levels have been 'shot,' water flooding plains logged,
and geology available."
Mr. York stated further, "The upside to this acquisition is that
Treaty now has an additional 138 acres to drill on, which
represents 30 or more virgin well sites."
Treaty Energy's CEO and Chairman, Andrew
V. Reid, stated, "I am very pleased with the progress Steve
is making on the development of Treaty Energy's rapidly growing
base of leases and production of oil in Texas."
Treaty indicated that it will follow with an SEC Form 8-K on a
timely basis, which will include all aspects of this purchase.
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