NEW ORLEANS, May 7, 2012 /PRNewswire/ -- Treaty Energy
Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented
international energy company, announced a prior funding commitment
for 5-Wells of 2,600 to 3,000 ft depth on its existing leases in
Texas was extended to fund the
full 9-Well Drilling Program.
Bruce Gwyn, Co-CEO of Treaty
Energy Corporation, stated, "Treaty Energy Corporation completed
the funding for their 9-well drilling program on existing
leaseholds. The total amount of this project, which has now been
fully funded, is $1,450,000. The
first 5 of the 9-well program had previously been secured and the
same investor group came back to complete the funding for the
entire program. These 9-wells will be drilled to depths of 2,600
ft. to 3,000 ft. with expected oil production flow rates of up to
100 BOPD per well. Now both the 9-well and 12-well programs
are completely funded."
Mr. Gwyn added, "Treaty Energy has been looking for a larger Rig
for its deeper drilling needs on the Texas leases. We are pleased to announce
that we have purchased a Wilson Mogul 42 S/D Drilling Rig capable
of drilling to 7,500ft. The new Wilson Mogul Rig will be used
to drill all of the wells on the 9-Well Program. Pictures of the
new Wilson Mogul Rig can be viewed on Facebook
(https://www.facebook.com/pages/Treaty-Energy-Corporation/138620389562521)
and the company's website:
(http://www.treatyenergy.com/files/wilsonrig.htm)."
Stephen L. York, COO of Treaty
Energy, stated, "With all of the additional parts and support
equipment that Treaty Energy has acquired to fully outfit the
Wilson Mogul 42 S/D Drilling Rig, this Rig has an estimated value
of $800,000. Treaty now has 2 rigs on
site in Texas which gives us the
capability to drill both projects simultaneously. Once these
projects are completed and producing, Treaty plans on setting up a
drilling program for the Ellenberger zone on several of our
existing leases. The Ellenberger is one of the most prolific
oil producing zones in Texas
history. With drilling starting almost immediately, Treaty
will endeavor to fulfill its goal of 1,000 barrels of oil per day
in Texas, as stated in prior news
releases."
Mr. Gwyn added further, "With these two drilling programs fully
funded and the proper drilling rigs secured for both projects,
along with the drilling program in Belize, the next few months will be very
exciting times at Treaty Energy."
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.
Contact:
Osprey Partners
Tel: 732-292-0982
Fax: 732-528-9065
osprey57@optonline.net
SOURCE Treaty Energy Corporation