NEW ORLEANS, July 6, 2011 /PRNewswire/ -- Treaty Energy
Corporation (OTCQB: TECO), a growth-oriented energy company in the
oil and gas industry, today reports to its stakeholders on progress
in Texas, Belize and Kansas.
Stephen L. York, President and
COO of Treaty Energy Corporation, stated, "Treaty Energy has now
commenced selling oil through its wholly owned subsidiary and
operating company, C & C Petroleum Management, LLC. Due
to the measure of time required to transfer all of the leases to
the operating company and then obtain the time and date stamped
P4's from the Texas Railroad Commission (RRC), only two days were
left in the month of June to transport oil. The oil shipped
in those two days was 490.19 BBLS. The 'Operators Run
Statement' that details these oil deliveries will be posted to the
Treaty website."
Mr. York stated, "I am estimating the shipment of about 800 BBLS
of oil in July, while starting to rework wells on all 11 leases
that are currently transferred for production to C & C
Petroleum Management LLC. Our production goals are based only
on currently producing wells and wells that will be brought on line
over the next 60 days to reach 50 plus BBLS per day.
Therefore we are projecting monthly oil production for August
to be about 1000 BBLS and for September to be about 1250 BBLS."
It is Treaty's plan to drill at least 10 new wells in
Texas during the next 90 days.
The August and September oil production estimates do not
include any production from new wells.
In addition to revenues from oil production Treaty Energy will
continue to drill 2-4 wells per month for other independent
operating companies. Currently Mr. York estimates that he has
commitments to drill 15 – 25 wells in addition to the 10 wells he
will drill for Treaty.
The Belize project is moving
rapidly. As of July 5th the
Drilling Rig, Bulldozer, Backhoe and Trucks are being delivered to
the Mobile, Alabama port
facilities of MCW Shipping. As of today the estimated
shipping date would be July 16th or
July 17th. These dates are the
latest from the shipping company that was earlier reported to be
about the 10th of July. These schedules are controlled
totally by the shipping company and can be affected by many things,
such as loading and unloading times in port and especially weather
conditions. Treaty will post pictures of the Belize-bound equipment in the port of
Mobile on its website when
available.
Treaty Energy is proud to announce the newest addition to our
family, Brian Luczywo, as Operations
Manager for Treaty Belize Energy LLC, its Belize-based operating company. Mr.
Luczywo left for Belize on
July 5th and will be moving his
family there over the next month. Mr. Luczywo's children are
home schooled, therefore making this a great opportunity for Treaty
to have a full time manager and his family living in Belize overseeing all of Treaty's operations
on this major oil project.
Once the Drilling Rig and other equipment are in Belize, Treaty will commence preparation of
the first well site pad and access road prior to moving the
drilling rig in place. Treaty also will commence with the
hiring of local workers from areas around the well sites to assist
in the clearing, preparing the well pads and eventually drilling
the wells.
Andrew V. Reid, Chairman and CEO
of Treaty Energy, stated, "I am quite frankly amazed at the
progress Treaty has made on all fronts during the second quarter of
this year. Treaty has finally started real production from
the Texas wells, has a real
drilling program for new wells in Texas plus a rework schedule for the older
wells."
Mr. Reid added, "Our stakeholders will see a drastically
improved balance sheet and statement of operations for Treaty's
second quarter (Q2), with oil production and drilling revenues for
June included in the Q2 results."
Finally, Mr. Reid stated, "The Kansas deal has finally come to fruition, but
in a different format than the original proposed transaction.
The new Kansas deal will be
detailed shortly in a joint release from Treaty Energy and
Lester Town of Town Oil Company.
I am very pleased about bringing the Kansas deal into Treaty Energy and we all look
forward to working with Lester Town
and the Town Oil group."
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.
Contact:
Osprey Partners
Tel: 732-292-0982
Fax: 732-528-9065
investors@treatyenergy.com
SOURCE Treaty Energy Corporation