NEW ORLEANS, June 8, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today announces progress on its lease acquisitions in Texas and its Texas Energy Drilling LLC business.
Andrew V. Reid, Chairman & CEO of Treaty Energy Corporation, stated, "On Monday, June 6th, two major events took place that will have a positive impact on our Company. The first event was the filing of a $65,000 cash financial assurance bond with the Texas Rail Road Commission (RRC) for C & C Petroleum Management, LLC, a wholly owned subsidiary and the operating company for all of Treaty's wells and leases in Texas."
As of the posting of this bond with the RRC all P4's were filed on the existing leases, including the BARNES, LONG and HENDERSON leases. Treaty Energy's President, Stephen L. York, stated, "I expect the initial transfers to show up over the next several days on the RRC public access website. Treaty will then be allowed to sell the estimated 300-400 barrels of accumulated oil in our storage tanks. In addition, Treaty will ramp up and continue to produce and sell oil as our storage tanks are continually replenished."
Mr. Reid stated further, "The second major event was the completion of the $50,000 payment on the 'GREAT EIGHT LEASES' purchased from attorney Richard C. Houston, Jr., as was announced in a prior news release on May 23, 2011."Mr. York stated, "I am getting all the assignments completed with the Texas RRC and filing the P4's to transfer operations to C & C Petroleum Management, LLC, Treaty's operations entity. As on the other leases, Treaty will start selling the current oil in the storage tanks after all of the assignments are completed."