NEW ORLEANS, June 1, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today announced that it has acquired a Drilling Rig for its Belize oil project.
Andrew V. Reid, Chairman & CEO of Treaty Energy Corporation, stated, "Treaty Energy has made a final decision to drill the wells on the Belize concession using our own Texas-based drilling company, Treaty Energy Drilling, LLC."
Mr. Reid added, "Upon making the decision to expand our own drilling company and keep the drilling program in-house, we purchased a Schramm 450 Drilling Rig on a Chevrolet Flat Bed Diesel AWD platform, with a Sullair Drilling Compressor. This rig is capable of drilling to 4000 ft depth and therefore is suitable to the task of drilling all of the well sites that are currently in our Belize drilling program."
Treaty technicians and geologists expressed their opinions that based on findings an "air drilling" rig would be better suited to the areas that are to be worked as per the drilling program. The Schramm Rig is capable of drilling with air or mud, and thus provides the flexibility to drill with either method if faced with on site condition changes.The Schramm Rig was purchased in Troy, Alabama and has been shipped to a Rig Service Center in Glenwood, Alabama for inspection and upgrades as needed, prior to June shipment to Belize. Treaty Energy is in the process of acquiring a full complement of support equipment so as to be self sufficient and have complete oversight of quality control while drilling in Belize. These other components will be announced as the acquisitions are completed, most of which are within days of finalization. In closing, Mr. Reid stated, "I am very excited that the Treaty board has taken an aggressive stance and made possible the acquisition of the Schramm Drilling Rig and the full complement of support equipment. Growing Treaty Energy Drilling, LLC, our own drilling company, is a significant step toward vertical integration of our oil and gas business."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV