NEW ORLEANS, Aug 4, 2014 /PRNewswire/ -- Treaty Energy
Corporation (OTCQB: TECO), a growth-oriented energy company
in the oil and gas industry, today announced changes to its
management team and additions to its Board of Directors.
Chris D. Tesarski, Executive
Chairman of Treaty Energy since May 1,
2014, was appointed Chief Executive Officer (CEO) of the
company on July 28, 2014, following
the resignation of Andrew V. Reid as
its Chairman and CEO.
Mr. Tesarski stated, "The Board of Directors accepted the
resignation of Mr. Andrew V. Reid as
Chairman of the Board, member of the Board of Directors and CEO of
the company. Mr. Reid's resignation is effective July 28, 2014. The company wishes to thank Mr.
Reid for his tenure and wishes him all success in his new
ventures."
Mr. Tesarski announced that, "Andrew L.
Kramer, the company's Vice President, General Counsel and
Corporate Secretary, became a member of the Board of Directors.
In addition, I am pleased to welcome another new member as
well! Rana Ghosh of Ft. Lauderdale, FL has been appointed to the
Board. Mr. Ghosh brings extensive experience from the
infrastructure and utility sectors of the energy business. In
addition, in anticipation of completion of the compliance reporting
required to bring market credibility back to the company under way
currently; and an exciting reworking of the company's vision and
strategy, Mr. Carl McCutcheon from
Houston, Texas joins the team as,
Special Business Advisor to the Board of Directors." The new
leadership team is stalwart in its commitment to see TECO achieve a
series of definitive and positive milestones in the coming year.
Management will bring that definitive action plan to shareholders
following its first official board meeting in September.
"Carl will also take the lead in helping to add a critical
member to the Board in the fall, an individual who will bring
extensive engineering and geotechnical experience, to give Treaty
Energy a fully developed, energy-focused Board of Directors to
guide the company through its next phase of development," added Mr.
Tesarski.
A more fulsome biography of the new Board members will be
provided to the shareholders by via the company's Facebook Page and
website.
Effective immediately, the Board of Directors will be taking
steps to create a new corporate identity for the company, rooted in
a firm belief that the "Americas" hold vast untapped, bypassed and
forgotten energy reserves. "The company intends to continue
its focus on 'finding new oil and gas in old places'.
We believe that this is the right place for us to be and
welcome other players who focus on exploratory, wildcat plays, but
Treaty Energy will continue to focus on what we KNOW got left
behind instead of risking shareholder value on what we BELIEVE
might be there," says Mr. Tesarski.
In keeping with this philosophy, the company has evaluated the
seismic data available on its Damon Salt
Dome prospect in Brazoria County,
Texas, and will proceed with permitting its initial location
within a week. The technical team of Aquinas Energy
Resources, Inc. (Aquinas) of Houston,
Texas, has further mapping that is being completed in days
that will give a full geotechnical snapshot. This snapshot
will be beneficial to the company as it proceeds to drill all of
its locations.
"We are so very pleased with our relationship with the skilled
technical team we have found in Aquinas," says Tesarski.
"Their consummate professionalism, attention to detail and
expertise lend credibility to this process that we are about to
embark on. To this end the company intends to utilize the
Aquinas team as an integral part of evaluating all of its
continuing operations technically to ensure that shareholder value
is maximized and risk is minimized. We believe this also
opens the door to further opportunities in the future for Aquinas
and Treaty Energy to work together in a more formal
relationship."
Treaty Energy intends to reestablish and enhance its position in
Central America. Mr.
McCutcheon, who will act as Special Advisor to the Board of
Directors, brings a wealth of business experience in this
area. Through his contacts and the addition of significant
geotechnical expertise and data, we believe that we can show that
the company may have had good ideas, but good ideas need to be
backed up by solid, irrefutable and quantifiable data. Armed with
this, the company can vigorously pursue activities in Central America, which will positively impact
its operations.
Mr. Tesarski added, "It is my hope that the announced leadership
changes and additions, and this update will give a clear message as
to the direction the company is headed. We will enhance not erode
shareholder value and to do so we need to take decisive and
definitive steps that sends a clear message to our investors, both
current and the ones that stand ready and waiting to invest in the
company, that Treaty Energy is ready to do business! It is
time to get to work."
Contact
Treaty Energy Corporation
Investor Relations
investors@treatyenergy.com
Tel: 504-301-4475
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.
SOURCE Treaty Energy Corporation