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Nov. 15, 2011 /PRNewswire/ -- Treaty Energy Corporation (OTCQB:
TECO), a growth-oriented energy company in the oil and gas industry, today announced additions to its management team and Board of Directors.
Andrew V. Reid, Chairman and CEO of Treaty Energy Corporation, stated, "I am very excited to announce that major additions are being made to our leadership team."
Mr. Reid added, "In making this leadership and board shift, I wanted to first explain to our shareholders the logic behind these adjustments and additions. Since joining Treaty Energy I have strived to develop the company to the point where our assets were many, the balance sheet was solid and positive cash flow from operations was achieved. I am pleased that the first two of these items have been accomplished, and I am confident that positive cash flow is soon forthcoming as our drilling programs strengthen and our workover programs generate increased oil production."
During Mr. Reid's tenure as CEO, Treaty Energy has purchased 15 leases in
Texas, explored and implemented a drilling program on the Princess Concession and purchased Paradise Energy, Ltd resulting in Treaty Energy taking over a one million acre land-based concession in
Belize. Treaty Energy believes that its investment in
Belize will provide great returns for the Company's shareholders, while proving to become a considerable benefit to the people of
The Company started a significant workover program on a number of the
Texas leases and just completed the funding of its first 12 new wells to be drilled on the Treaty leases in
Texas. Additionally, Treaty incorporated its own drilling company that currently owns five drilling Rigs and many drilling components required to drill hundreds of wells in
With all of the above being said, Mr. Reid stated, "Even more could have been accomplished with access to proper financing and greater visibility within the institutional investment community. We applied a strategy of stock and cash payments to accomplish all the above, but I believe the market place has undervalued the huge gains that Treaty Energy has achieved during my tenure as CEO of this Company."