This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Treaty Energy Corporation Signs Letter Of Intent With U.S. Fuels, Inc. On West Texas Exploration Agreement

NEW ORLEANS, May 9, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTC: TECO) ( www.treatyenergy.com), a growth-oriented international energy company, today announced a binding Letter of Intent (LOI) with U.S. Fuels, Inc. of Breckenridge, Texas.

The eventual transaction to result from this LOI is an "Exploration Agreement" which is to be finalized before July 31, 2013, relating to five (5) West Texas leases covering approximately 1,830 acres.  To view details on the binding Letter of Intent, please visit the following link: http://www.treatyenergy.com/sites/default/files/TECO_US_FUELS_LOI.pdf.

Treaty Energy is currently drilling two wells on the 40 acre Mitchell Lease in Taylor County, Texas which is included in this agreement.  The other four Texas leases are as follows:

  • Knott Lease – 40 Acres in Taylor County
  • Stroebel Lease – 700 Acres in Eastland County
  • Standard Lease – 400 Acres in Taylor County
  • Bridges Lease – 650 Acres in Stephens County

Andrew V. Reid, Chairman and CEO of Treaty Energy Corporation, stated, "Treaty will pursue drilling and rework opportunities that offer greater initial production and better ROI in the future, rather than reworking and operating stripper wells. Going forward, Treaty intends to concentrate on prime leases with future wells, similar to the two Mitchell wells that are currently being drilled and completed."

Mr. Reid further stated, "Treaty has funding in place to drill a number of additional wells without needing to seek additional funding for new drilling projects.  Management is confident that as production comes online from these initial new wells, drilling of additional wells will occur at a reasonable pace and will likely be funded through expected positive cash flows."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs