NEW ORLEANS, Feb. 1, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( www.treatyenergy.com), a growth-oriented international energy company, in follow up to its announced discovery of oil on the Stann Creek Field in Southern Belize, hereby details its review of the first successful oil well strike by the Company.
Stephen L. York, President and COO of Treaty Energy Corporation, stated, "Further review of the drilling samples from Princess/Treaty Well #2 on the Stann Creek Field confirms that the pay is a residual lime. Lime must be treated to enhance oil recovery. Standard treatment for lime includes treatment of the formation with additives to enhance inter-capillary wicking, which in return promotes oil flow to the well bore. Our independent logger made a visual analysis with microscope and blacklight and confirmed the presence of hydrocarbons. The logging equipment registered a steady increase, with a spike of associated gases through the lime pay-zone. The porosity was estimated to be from 8-12%. This is about average for a successful lime play well."
Mr. York added, "There have been numerous questions fielded in the last 72 hours. Here is a synopsis to curtail the speculation.
- This is not a BNE well. BNE wells from all indications have much higher gas drive reservoirs (with some H2S gas) and free flowed initially.
- The Princess/Treaty reservoir area was determined in size by Satellite image and Chem-Tool. Pay-zone depth was determined from actual drilling and mud logging. Porosity and saturation were gauged visually and outside consultants using statistical modeling, with low-side parameters predicted a reservoir size of 6M barrels. This figure could grow depending on the trending of the reservoir.
- The first batches of samples were left in 90 degree sun and the gases, being lighter than the atmosphere, dissipated at an accelerated rate. At 1300' circulation become erratic, so sampling was not optimum, but the mud-logging data supported the initial mud samples.
- There were no asphaltenes (tar) present. (Asphaltene is solid residual and will not produce a sheen on mud or water)
- Successful lime play wells have been produce from porosity as low as 6%.
- Deeper pay-zones may exist and will be investigated.