NEW ORLEANS, May 22, 2014 /PRNewswire/ -- Treaty Energy
Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a
growth-oriented international energy company, today announced that
the company has signed an agreement for a four well farmout
drilling program with Aquinas Energy Resources, Inc. on the Belle
Wisdom lease in Brazoria County,
Texas.
Chris D. Tesarski, Executive
Chairman of Treaty Energy, is pleased to announce that Andrew V. Reid, Treaty Energy's CEO, has signed
a farmout agreement with Aquinas Energy Resources, Inc., a
Houston-based oil and gas
company. Texas Sands Resources will be the operator of the
project and will be applying for the first drilling permit based on
a location that will be chosen by the company in conjunction with
technical guidance from Aquinas' Geologist, Bill Gaskin. Prior to drilling, Aquinas
Energy will be providing Treaty Energy and Texas Sands Resources
with Seismic data for management's review to ensure that the wells
provide the maximum return on investment at the lowest risk
possible.
This initial agreement covers four well locations on the Belle
Wisdom Lease located approximately 45 miles southwest of
Houston in Brazoria County, just outside of Damon, Texas. The lease is geologically
positioned in the Damon Salt Dome area.
The four wells are expected to be drilled into the Marge and
Frio Attic pay zones and will range from 4,000ft to 5,000ft in
depth. Based on historic well production data, anticipated
initial production rates on these wells could yield at least 100
BOPD per well. According to geological data, there are more
than 440,000 barrels of recoverable reserves on the Belle Wisdom
lease.
Treaty Energy will receive 80% of the net revenue from
production, until initial investment payout, and then 70% of net
revenues after payout of all costs. This farmout agreement is
supported with substantial technical data that will be posted on
the presentations page on the Aquinas Energy website
(http://www.aquinasenergy.com/presentations.html) for investors to
review.
On this matter, Mr. Tesarski stated, "I am thrilled to announce
that we have moved quickly from the LOI announced on May 15th to the executed farmout
agreement on such a timely basis. This project will be the
first new drilling program for the Company's new board of directors
to oversee and will mark a new chapter in Treaty Energy's
history. The project has the potential to provide a
tremendous revenue stream for Treaty Energy. In addition,
after the first four wells are drilled, shareholders should look
forward to other drilling opportunities on over 31,000 additional
acres controlled by Aquinas Energy."
Contact
Treaty Energy Corporation
Investor Relations
investors@treatyenergy.com
Tel: 504-301-4475
Fax: 504-324-0844
Company Links
Website: http://www.treatyenergy.com
Facebook: https://www.facebook.com/TreatyEnergyCorp
Twitter: https://twitter.com/TreatyEnergyCo
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.
Treaty Energy Corporation (TECO) trades on the OTC.
Investors can find Real-Time quotes and market information for
Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
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.
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SOURCE Treaty Energy Corporation