NEW ORLEANS, July 6, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today reports to its stakeholders on progress in Texas, Belize and Kansas.
Stephen L. York, President and COO of Treaty Energy Corporation, stated, "Treaty Energy has now commenced selling oil through its wholly owned subsidiary and operating company, C & C Petroleum Management, LLC. Due to the measure of time required to transfer all of the leases to the operating company and then obtain the time and date stamped P4's from the Texas Railroad Commission (RRC), only two days were left in the month of June to transport oil. The oil shipped in those two days was 490.19 BBLS. The 'Operators Run Statement' that details these oil deliveries will be posted to the Treaty website."
Mr. York stated, "I am estimating the shipment of about 800 BBLS of oil in July, while starting to rework wells on all 11 leases that are currently transferred for production to C & C Petroleum Management LLC. Our production goals are based only on currently producing wells and wells that will be brought on line over the next 60 days to reach 50 plus BBLS per day. Therefore we are projecting monthly oil production for August to be about 1000 BBLS and for September to be about 1250 BBLS."
It is Treaty's plan to drill at least 10 new wells in Texas during the next 90 days. The August and September oil production estimates do not include any production from new wells.In addition to revenues from oil production Treaty Energy will continue to drill 2-4 wells per month for other independent operating companies. Currently Mr. York estimates that he has commitments to drill 15 – 25 wells in addition to the 10 wells he will drill for Treaty.