NEW ORLEANS, July 29, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today reported on developments in Belize leading up to the implementation of its initial eight well drilling program.
Andrew V. Reid, Chairman and CEO of Treaty Energy Corporation, stated, "We are pleased to confirm that all things requested of Treaty by both the Belize Ministry of the Environment and Department of Petroleum have now been completed and provided to the proper Belizean agencies. In addition, we are elated that the Director of the Ministry of the Environment has signed off on our environmental checklist, and has confirmed that Treaty may move forward and drill the initial two wells of the eight well drilling program."
Mr. Martin Alegria, Director of the Belize Ministry of the Environment advised Treaty Energy and Princess Petroleum at a recent meeting that they should have the ECP (Environmental Compliance Plan) complete and up to date so that after the first well is drilled (and given that there is a commercial find) the EIA (Environmental Impact Assessment) will take minimal time to be approved so that production may commence.
To accelerate this process the Company has contracted an attorney from BNE to assist in finalizing the surface rental agreement for planned drill sites. Treaty will communicate directly with the land owner to finalize the rental agreement. Furthermore, a local surveyor under contract with Treaty will complete the survey for our initial drill site this week.Mr. Reid went on to say, "Our stakeholders are reminded that we have established Treaty Belize Energy, Ltd. in May 2011 and located our corporate office in Belize City. In addition, we also equipped a field operations office in Placencia, Stann Creek District, Belize, close to the drilling sites to be developed, which are a three hour drive south of Belize City." Treaty Energy has had meetings with a number of community leaders in areas where the Company intends to drill and is pleased to report that these community leaders are uplifted and energized with our intent and in particular that Treaty will be providing employment opportunities for numerous local Belizean's.