This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Treaty Energy Updates Drilling Progress In Texas

NEW ORLEANS, June 16, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today updates its stakeholders on drilling progress in Texas.

Andrew V. Reid, Chairman & CEO of Treaty Energy Corporation, stated, "I am extremely pleased to announce that on Wednesday of this week we made the final payment on the Failing 1500 CF Truck Mounted Drilling Rig that was purchased in mid-April to drill wells on the Treaty owned Texas leases."

The purchase price for the Failing 1500 CF Rig and all related components, including all current drilling contracts for this Rig, was $180,000, as detailed in the Company's Form 8-K filing with the SEC on April 20, 2011.

Mr. Reid added, "This Rig has been drilling constantly since being acquired under drilling contracts with independent oil companies, and has a backlog of several more wells to drill and the possibility of a large contract to be agreed to during the next few days." He added further, "Demand has been so intense for this Rig that we are in discussions with Stephen L. York, President and COO of Treaty, to add a second rig for our Texas operations. This would bring the Treaty owned rigs to three should the discussions be finalized to purchase the second Texas rig."

Treaty's drilling company, Treaty Energy Drilling, LLC, has been productively drilling wells for independent oil companies since mid-April and has already logged operational profits of more than $42,000 to date from these drilling contracts. As this drilling continues, the Company's drilling company will be starting a new well (spud in) for another independent oil company on Monday, June 20th.

Stephen York stated, "I have received inquiries to drill another 25 wells for Treaty Energy Drilling's top three customers."

Mr. York added, "The BARNES LEASE has been officially transferred to C & C Petroleum Management, LLC, Treaty's operations entity, and based on this transfer we have started processing all stored oil for sale to BLM Oil Transport. Our HENDERSON and LONG LEASES are awaiting transfer by the State of Texas RRC to C & C Petroleum Management, and I expect these transfers to be completed this week. In addition, all paperwork has been filed with the State of Texas RRC to initiate the transfers of the GREAT 8 LEASES to C & C, a process that should be completed within a week."

Mr. York stated further, "Oil pick ups have been scheduled with the Transporters. Upon initial receipt in the Transporters headquarters of the time and date stamped P4's from the Texas RRC, the transport trucks will commence the pickups. We are expecting to sell a minimum of 850 BBLS of oil in the month of June 2011."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs