NEW ORLEANS, Jan. 15, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( www.treatyenergy.com), a growth-oriented international energy company, is pleased to announce a new operational structure for its Texas Division going forward.
Treaty Energy Corporation management has made the decision, after identifying a need for drilling, wire-line, and service rigs in Texas, to utilize its drilling company equipment and assets as a major source of revenue generation going forward. Stephen York will leave his post at Treaty Energy to allow him to focus 100% of his time and attention to developing and growing Treaty Energy Drilling, LLC, a wholly owned subsidiary.
Mr. York will be appointed President of Treaty Energy Drilling, LLC and will be responsible for all operations of that company. In the short time since the decision was made to solicit outside drilling business, Mr. York has been successful in obtaining several new contracts for the smaller Failing 1500 Drilling Rig. The first such contract is currently being drilled on location in Pecos County Texas.
Additionally, Mr. York is in the process of securing three contracts for the larger Wilson 42 Drilling Rig, to be carried out in the first quarter of 2013.Mr. York stated, "We are expecting Treaty Energy Drilling to add significant gross revenue to Treaty Energy Corporation in 2013. We expect revenue to reach significant levels in the 3 rd and 4 th quarters." With Mr. York's departure from his positions at Treaty Energy, Bruce Gwyn will assume the post of President and Chief Operating Officer. Mr. Reid will remain the CEO of the company going forward. Mr. Gwyn has taken a hands-on approach in West Texas and has been working very closely with Treaty personnel over the last several months. He believes that with the people currently in place Treaty will be successful in achieving its goals in a timely and efficient manner. Mr. Gwyn has been, and will continue to focus his attentions, first and foremost on increasing current oil production through maximizing workover efforts in West Texas. Andrew V. Reid, Chairman and CEO of the Company, stated, "Treaty Energy, as previously announced, is utilizing the services of TNC Energy to complete our new drilling program in West Texas. By bringing in TNC Energy, to drill and complete our wells, we will be able to execute our new well development plan in a timely manner moving forward." In closing Mr. Reid stated, "With our new leadership structure I believe that Treaty Energy will be able to dramatically increase production and revenues quarter after quarter throughout 2013."