Jan 31, 2012
/PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (
), a growth-oriented international energy company, in follow up to announcing its first successful oil well strike in
, today announced plans to add two new oil fields to its
Treaty Energy Corporation Chairman and Co-CEO,
Andrew V. Reid
, stated, "In our release of
in which we announced our first oil strike in
we made reference to some 80 'anomalies' on the 200,000 'onshore' acres of land controlled by the Princess Concession. Treaty Energy has so far identified three of these anomalies as areas of interest and will explore, analyze and drill following permission being granted by Belizean officials."
Mr. Reid added, "The first of these anomalies we refer to as the "Stann Creek Field", and of course we have already established this oil field as having recoverable oil reserves of approximately 5 to 6 million barrels in a prior release. Areas two and three, yet to be named, are located within 20 miles of our current drilling location. Both of these new areas are substantially larger in size and likely to prove superior to our current drilling site, the Stann Creek Field, which is approximately 350 acres."
"Treaty Energy's plan is to now initiate phase two of its drilling plan for
," added Mr. Reid. He went on to say, "This plan calls for two (2) drilling rigs to be operative at all times. One rig will implement drilling at designated locations on the site of
#2 where we have just discovered oil. The second and third areas (oil fields) will have exploratory wells drilled after permit requests have been approved by government officials. Areas two and three are removed from any environmentally sensitive areas."
In closing, Mr. Reid stated, "I am extremely excited with how current events have unfolded at Treaty. I firmly believe we are at the beginning of something more substantial than any of us could have ever imagined."